This is MACD but little different. The idea behind this is to use MACD to find resistance and support level first. So we can use the logic of volume profiles for this setting and by imply the MACD on it you can make the hybrid for it . The line represent the both resistance level and if macd is above or bellow the zero if line is red the macd is bellow zero if it lime then it above zero . The bars represent the macd (in gray) - left side is buy and right side is sell
so how to use it ? for example : if MACD is red and price is bellow the line we are in bear state and the line represent the resistance lets say price bellow the line and macd line is green then this is buy signal and our goal is to reach the price of the supposed resistance , if price break the line up then we are in bull time mode and strong buy . Now our line will become the support line . you can change the setting of the MACD to make it more sensitive or less sensitive as regular macd with fast and slow length
This is a concept idea how to make the MACD to find resistance and support level so try to play with it to see how it work
Sir! You are God of Regression, Logarithm and Trading Ideas! You are just AWSOME!!!!!
DaveBrascoFX
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Hi Rafael The wmacd on my chart shows red. not grey like yours here. Would that be possible to change the colour, to make it darker so that we can better see the lime or red signal line? and can you make thesignal line a little bit thicker? If you do it I would be very thankful. Thanx anyway for your great work.
decentMeerkat007
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Hi, for some reason on the 5min BTC chart, i see sometimes the whole screen goes with white lines from the profile and doesnt recover, works on other tickers fine for now it seems
decentMeerkat007
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@decentMeerkat007, sorry this happens on other small TFs like 1-5 min and other tickers too... very annoying and not sure what the cause is... otherwise this is a very useful indicator.. hopefully you can figure out the issue of why the volume bars paint a big rectangle of white space all over the chart sporadically.