Range weighted average MACD – indicator MetaTrader 5
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Theory:
Strictly speaking MACD is a (as defined by Gerald Appel, who invented it) difference of fast and slow EMA and then a signal line (which is also EMA) is calculated for such a difference.
This version:
This indicator is not using EMA for MACD calculation but is using range weighted average (published here : Range Weighted Average with some more explanation) and is using range weighted average for signal line too (making it a sort of “all range weighted average” MACD).
Usage:
You can use it in all the usual ways how MACD indicators are used, Color changes added on MACD to signal line crosses and OSMA is displayed as a filled zone in order to facilitate the reading of the MACD.
Range weighted EMA - indicator MetaTrader 5 Theory: Range weighted exponential moving average (EMA) is, unlike the "regular" range weighted average (originally published here : Range Weighted…
