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I have been doing some short-term trading with two overlapped indicators. One is stochastics indicator set to 8/3/3. The other is MACD set to 8/13/3.
I was hoping someone could code this as a single indicator, and that the bars on the MACD could be color coded so that when the bars are pulling away from the signal line in a downturn they would turn red (or some other colour) and when the bars are penetrating the signal line in an upturn they are turning green (or some other colour). I use this to trade on three time frames: 1-minute, 5-minute and 15-minute. A look at what's happening on the 15-minute time frame gives me the confidence to stick with the trade or get out, while the 5-minute is used to closely monitor price action and the 1-minute to get into the trade. The stochastic indicator is used to monitor so-called overbought and oversold conditions, but price can stay overbought or oversold so I use the MACD to not only enter but manage the trade. In the attachment the blue line is the signal line for the MACD while the red line is the stochastic indicator. The yellow histogram bars pulling away from the blue line on this 5-minute time frame is a heads-up to enter a short trade -- depending, however, on what's happening on the 1-minute time frame. I aim for 5 to 15 pips profit. Help in coding this would be greatly appreciated. Any other feedback would also be warmly welcomed. I'm a noobie.