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eSignal Study: Give the MACD bias/trend from multiple time frames on a single chart.
Similar to other "gauge" indicators on this site, this script allows you to monitor the MACD on multiple time frames from a single place.
In the example image, it is showing the bias of the MACD on the 5, 15, 30, 60, and 120 minute time frames. If the block has a green background, the "fast" MA is above the "slow" MA showing bullishness. The text is also green showing they are also separating, showing even more bullishness (this is the situation for the 15, 30, and 120 minute time frames in the example image). The opposite is true for a red background with red text. If the background is showing bullishness, but has red text (such as the 5 minute), then it means the MAs are showing bullishness, but are converging.
For performance reasons, it is recommended to use as few time frames as necessarily. Set to "0" for none in the parameters.
The MACD settings and the time frames are all user definable!
IMPORTANT: This script requires the neoLibrary.efsLib. You can download it here (free).
Study, Bias, Pro