Theory:
Let’s dive into the MACD indicator, but with a twist! This version includes on-chart support and resistance (SR) levels, giving you a clearer picture of market dynamics. You have three options to customize the color changes for these SR levels:
- Color change on zero cross
- Color change on MACD slope change
- Color change on MACD to signal line cross
Usage:
You can use this indicator just like you would with any standard MACD setup. It’s versatile and fits well into various trading strategies.
PS:
The SR lines are based on the closing price of the bar where the signal occurs. This setup aligns closely with sell signals and, when factoring in the spread, can also indicate potential buy signals. This makes it a handy tool for spotting quick order entries!
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