I have modified an existing indicator to suit my needs and thought others may find it useful. This gives a true visual of the MACD using coloured bars.

The light green shows that the Signal line has crossed above the MACD line but is still below the Zero level as the MACD moves up and crosses above the Zero level it turns to a darker green and the reverse is true for the downward crosses and moves. The last bar is the signal bar you cannot look back at the colours and see if they signalled a down move or up as the 1 minute moves to the left 1 bar every minute and the 5 minute 1 bar to the left every 5 minutes etc.

Try using the M1 & M5 as signals for entry and exit and the H1 & H4 for the overall trend on a 5 Minute Chart.


enjoy

MTF_MACD_Bars.mq4

macd.gif As you can see in this screenshot the M1 signalled the change up 17 minutes before the M5

macd2.gif In this screenshot the M1 has just signalled a down ward move with the MACD & Signal crossing above the zero line giving a light red bar.

macd3.gif 10 minutes later - Note the M1 MACD has now crossed to below the Zero level