MACD MultiTimeFrame 1h4h1D [Fantastic Fox] — Indicator by FantasticFox

Moving Average Convergence / Divergence (MACD)

macd

Please insert the indicator into 1h time-frame, otherwise you need to change the lengths' inputs.
When there are tops for two of the MACDs and they are near and close* to each other, there is a big opportunity of a "Major Top" for the security, and vice versa for "Major Bottom".

This indicator can be used for tracing multi time-frame divergence. Also, it could help traders to identify the waves of Elliott Wave, and as a signal for confirmation of an impulse after a correction or retracement.

* They should be on top of each others head, not crossing each other. not necessarily touching, but not so far from each other.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

study(title="MACD MultiTimeFrame 1h4h1D [Fantastic Fox]", shorttitle="MACD_MTF")
source = close
//MACD 1H
fastLength = input(12, minval=1), slowLength=input(26,minval=1)
signalLength=input(9,minval=1)
fastMA = ema(source, fastLength)
slowMA = ema(source, slowLength)
macd = fastMA - slowMA
signal = sma(macd, signalLength)
plot(macd, color=red, linewidth=1)
//MACD 4H===============================================
fastLength2 = input(48, minval=1), slowLength2=input(104,minval=1)
signalLength2=input(36,minval=1)
fastMA2 = ema(source, fastLength2)
slowMA2 = ema(source, slowLength2)
macd2 = fastMA2 - slowMA2
plot(macd2, color=blue, linewidth=1)
//MACD 1D===============================================
fastLength3 = input(288, minval=1), slowLength3=input(624,minval=1)
signalLength3=input(216,minval=1)
fastMA3 = ema(source, fastLength3)
slowMA3 = ema(source, slowLength3)
macd3 = fastMA3 - slowMA3
plot(macd3, color=gray, linewidth=1)