Range Weighted Average MACD - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource
Strictly speaking, MACD is the difference between the fast EMA and the slow EMA (as defined by Gerald Appel who invented it), and then the signal line (also an EMA) of such difference is calculated.
The indicator does not use EMA for its MACD calculation, but instead uses a range-weighted average (posted here: Range Weighted Average with more explanation) and the signal line also uses a range-weighted average (making it a kind of "weighted average of all ranges" MACD).
You can use it in all the usual ways with the MACD indicator, adding a color change on the MACD to indicate signal line crossovers, and the OSMA appearing as a filled area to make reading the MACD easier.
Attachment download
📎 range_weighted_average_macd.mq5 (11.15 KB)
Source: MQL5 #23187
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