wd.Range_MACD - indicator for MetaTrader 5

The basic idea and 99% of the source code are originally derived from the built-in 'MACD.mq5' in the MT5 terminal, Copyright by MetaQuotes Ltd.

'wd.Range_MACD' indicator calculates the range difference between the 'Signal lines and MACD' and also the range distance between 'the last two MACD bar'.
This additional range information provided by this indicator can be used to measure price cross-points, resistance/support levels, and trend changes more efficiently.

Here's how the indicator works:
We know if the 'MACD bar' is heading up, it indicates an upward trend on this current timeframe; conversely, if the 'MACD bar' is heading down, it indicates a downward trend. In other conditions, when the current 'MACD bar' remains flat with no difference compared to the previous bar (0 pips), this forms a new resistance/support level.

On the image below example, the difference in range of 'Signal-MACD' is 12 pips, and the range of the 'last two MACD bars' is 0 pips.
This implies that the resistance/support level based on the 'last two MACD bars', in period H1, is at a price level 1.2283, while the resistance/support level based on 'Signal-MACD' will be at a price level 1.2271 (1.2283 - 12 pips).

Note: Resistance-Support levels based on the MACD range distance are dynamic and applicable only within the same bar and the same period. If a new bar is formed, the Resistance-Support price levels will be reset.

In summary, MACD is a widely used technical indicator, helping traders identify potential trends, reversals, and changes in asset prices.
With the additional range difference/distance information from 'Signal-MACD' and 'last two MACD bars,' this 'wd.Range_MACD' indicator serves as a leading indicator, helping traders in making more informed trading decisions.
However, it is most effective when used in conjunction with other tools and analysis techniques.


Version history:
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v2.23    : initial release