wd.Range_MACD - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The basic idea and 99% of the source code originally originated from 'MACD.mq5' built into the MT5 terminal, copyright MetaQuotes Co., Ltd.

The "wd.Range_MACD" indicator calculates the range difference between the "signal line and MACD" and the range distance between the "last two MACD bars".
The additional range information provided by this indicator can be used to more effectively gauge price crossovers, resistance/support levels, and trend changes.

The indicator works as follows:
We know if the "MACD-Histogram" is pointing upwards, it indicates an uptrend in the current time frame, and conversely, if the "MACD-Histogram" is pointing downwards, it indicates that the trend is downtrend. In other cases, when the current "MACD bar" remains flat and no different compared to the previous bar (point 0), this creates a new resistance/support level.

In the example below, the difference in the "Signal - MACD" range is 12 points and the range of the "Last Two MACD Bars" is 0 points.
This means that during H1 the resistance/support level based on the "last two MACD bars" will be located at the price level 1.2283, while the resistance/support level based on the "signal MACD" will be located at the price level 1.2271 (1.2283 - 12 points).

Note: Resistance-support levels based on MACD range distance are dynamic and only apply to the same bar and within the same period. If a new bar is formed, the resistance-support price levels will be reset.

All in all, MACD is a widely used technical indicator that helps traders identify potential trends, reversals, and changes in asset prices.
With additional range difference/distance information from the "Signal MACD" and "Last Two MACD Bars", this "wd.Range_MACD" indicator serves as a leading indicator to help traders make more informed trading decisions.
However, it is most effective when used in conjunction with other tools and analysis techniques.


Version history:
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v2.23: initial version

Attachment download

📎 wd.range_macd.mq5 (12.12 KB)

Source: MQL5 #47143