It was originally based on the MACD 12-26 and the 50 bar EMA .
The macd hist is color coded with green as buy and sell as red.
I added an option to use a couple of lower lag ema's (See line 13 - ema_signal).
(Modified) Beep Boop with MACD Indicator for Trending Markets
Originally written by Trading Rush
Note that the user may choose lower lags to compute the MACD signals
added lower lag ema functions - see lines 21 to 30
added plot for the MACD signal 'hist' - computed in lines 36 to 41
The extra MACD line was added for clarity for the placement of the buy sell signals.
Noobie here, so take my words as from someone with limited experience.
First of all this indicator is only for trending markets. If the price goes sideways, this indicator won't help much.
That said and considered, I think anything below 15 min is overkill and will lead you to overtrade/micromanage, because the swings are constant and usually not worth the effort.
The original script from trading rush does very well for me on longer time frames (1h to days), this updated one seems better suited for shorter time frames (15, 30 min). It provides also more signals (not all of them correct) and most important of all, it sometimes predicts earlier entry/exit points. The updated one here is also perfect to confirm entry/exit signals provided by the wave trend strategy from lazy bear on the hourly time frame (though I use a slightly modified version of the wave trend, I change the parameters depending on the time frame).
Below 15 minutes, I personally just set the candles to heikin ashi, and that helps to have an instant picture of where the trend is going at that very moment (but at these time frames there a lot of noise, even averaging price action with the heikin ashi candles).
Personally I stick to the an hourly time frame to survey the market (unless this is you main job, it's already taxing enough checking every hour) or less if I don't expect much action or to slowly move up the stop loss if I don't expect big dumps and just want to ride the wave upwards.
The 1 to 5 min is just for fine tuning the entry and exit in moment where there is big actions, but I don't use indicators at these time frames, especially because when the price becomes very jittery, indicators become basically useless in my experience.
I also use few others indicators to confirm signals and analyze the situation (hichimoku cloud, bollinger bands, VWAP), I don't recommend the beep boop alone, but it is a very good starting point to monitor possible entry points combined with the wave strategy. Indeed your version for example perfectly followed ETH in the last three days (better than the original, which lags too much at times). It gave me confidence to get back in, as I was fearing it would continue to go down and other indicators didn't tell me much. The wave trend for example missed the buying opportunity at 9AM (CET), your indicator got it and I confirmed with hichimoku. Now I'm in a good position, as ETH is starting to go up again nicely in this very moment.
Hi, the links to the original is below:
It shows the tradingview code and a little more explanation.
I'm not familiar with the MQL5 editor. Perhaps the other links can help.