Please insert the indicator into 1h time-frame, otherwise you need to change the lengths' inputs. When there are tops for two of the MACDs and they are near and close* to each other, there is a big opportunity of a "Major Top" for the security, and vice versa for "Major Bottom".
This indicator can be used for tracing multi time-frame divergence. Also, it could help traders to identify the waves of Elliott Wave, and as a signal for confirmation of an impulse after a correction or retracement.
* They should be on top of each others head, not crossing each other. not necessarily touching, but not so far from each other.
Awesome Indicator!! What would the length settings be for shorter time frames? Maybe for an indicator that can be used on the 15 min chart showing movement of the 15M, H1, and H4 time frames? Thanks in advance!