Topic: Custom MACD line "value1" incdicator

Hi everyone,

Im looking for a custom MACD indicator that compares the previous value1 "which is the MACD line value that corresponds to the previous close price" as compared to the current MACD value1 that corresponds to the current price

If price shows that the current value1 is higher than the previous then the indicator will give a sign

If price shows that the current value1 is lower than the previous then the indicator will give a sign

The indicator will always ignore the signal line "value2" in its calculations but this doesn't mean that the parameter should be eliminated, it will only be not taken in consideration in this indicator but it should be there on its usual place

The indicator should give a sign only when the current value1 is higher or lower than the previous value1 which means, the indicator should not take in consideration any other indication or calculations that show the price direction, average, move .. etc.

So it is solely dependent on comparing the previous MACD line value to the current

For example:

On a daily chart, the previous candle close time is 23:59:59 and the MACD line shows a value of 0.006000, the new candle opens at 00:00:00 on the same price level showing value as 0.006000 and continues at this level until 00:02:39, then at 00:02:40 it starts to go higher so value shows 0.006001 or 0.006005 or any other value which is higher than the previous day value, then the indicator will put a mark on the chart that shows the price that corresponds to this new higher MACD value

This will be the same logic for when the price shows a MACD line value lower than the previous one

When the current value1 is higher than the previous one, the indicator adds a horizontal line on the price level that corresponds to the higher value on the chart

When the current value1 is lower than the previous one, then the indicator adds a horizontal line on the price level that corresponds to the lower value on the chart

The current horizontal line that was added to the chart that shows the price should be labeled "PRICE D1" for the daily chart, then since the indicator will be active on more than one time frame, then it should label other lines in accordance with their time frame

for example if it was active on both a 30m chart and a D1 chart, then it should put a line labeled "PRICE 30M" on the 30m chart while it puts another line for the daily chart and marks it "PRICE D1", and so on

Finally
The indicator should erase all the lines of the time frames where price moved to a new candle but it should leave all the other lines of other time frames untouched until price moves to a new candle in those other time frames

So for example if the current D1 moves to a new day and a new candle forms at 00:00:00 while the W1 is still on the same week, and the indicator is active on both time frames then it should remove the line that was previously added to the chart to show the price at the D1 MACD value

This is to clean the chart automatically

I guess i explained everything as much as possible, otherwise please let me know if further explanation is needed, i'll be as fast as possible in answering

Thanks in advance

Re: Custom MACD line "value1" incdicator

First of all this type of indicator will not be backtestable in FSB. Secondly, you mention multiple timeframes together - that's also limited in FSB. It is much easier to be accomplished on a platform like MT, so I think you need a mql coder.

Re: Custom MACD line "value1" incdicator

Thank you!