This is a MACD divergence on 3 time-frames, 1h, 4h and 1D. Please insert the indicator into a 1h chart, otherwise change the lengths' inputs.
you will see H1,H2, H3, R1, R2 and R3 in green and maroon colors. H means hidden divergence, 1 regards to 1h, 2 to 4h, and 3 to 1D. If the color is green, its bullish, and if its maroon the divergence is bearish.
Gray circles on 4h macd is for those traders who want to check the confirmation on Elliott wave changes.
@normanroy, You have to set up a 50ema for 15 minutes and another for an hour. Then add a MACD indicator with normal settings; 12, 26, 9. When the 15 minute is above the 50 and you get a bullish divergence on the MACD it's a buy signal and when the 15 minute moving average is below the one hour and you get a bearish divergence on the MACD, it's a sell. Check around on you tube for more specifics but that's the general system.
Thanks for this awesome indicator, can you please explain more regarding "Gray circles on 4h macd is for those traders who want to check the confirmation on Elliott wave changes" ?
Thanks
djmc
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does it repaint? redraw ? does the signals come late ? what are the flaws