Ultimate CD indicator?
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Has anyone seen an indicator for MT5 that can measure the difference between any 2 objects/indicators on the chart? Like MACD but instead of just 2 moving averages, 2 of anything...2 Bollinger bands, an MA and Bollinger Band, 2 MA of different calculations(like one SMA and one weighed MA)?
I've done a cursory search on MT5 forum but it's a mess if indicators there.
I know I saw a customizable MACD years ago for MT4 that allowed different settings for each MA and that would be a great start but I can't seem to find it.
Please help! Thanks!
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@4xfatigue Well, it depends on what you need to be compared. MACD will always offer a number far away from a MA, for example. The second is just a price level whereas the first will always be below zero. What comparisons do you exactly need?
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For starters it would be nice if the MACD could compare a weighted MA to a simple MA.
I use RVI crosses a lot in my systems but I need a way to only trade when the crosses is significant, rather than just a sliver. I would use inputs after analyzing the pair to see where the number should be to allow the trade.
Thanks for your response.
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@4xfatigue Comparing one indicitaor to itself, as for your RVI example is not problematic. Comparing extremelu different ranges of values, as per your MACD-MA case is a completely different thing. You should be very careful before doing that.
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When you use a 20 SMA and a 20 WMA, it is a great reference for short term trend direction. I would like a MACD that help get out of a trade when these converge too much.
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@4xfatigue You can always use different condition blocks for different indicator's settings. Comparing a MACD value with a any MA will always be tricky.
