MACD Histogram
Overview
A MACD (Moving Average Convergence Divergence) is the difference between an Oscillator and a Moving Average of that Oscillator.
MACD’s are usually calculated using exponential Moving Averages based on the close of the bars. This particular MACD is displayed by default as a Histogram.
To add the tool to your chart, select the tool from the Averages tool group, and left-click on the chart to add the tool. Optuma will then draw the tool in a window below the chart using the default settings.
Scripting Function: MACD()
Actions & Properties
Actions
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple MACD Histogram tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other MACD Histogram tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new MACD Histogram to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
OSC MA 1: The number of bars that are averaged in the fast moving average for the base oscillator.
OSC MA 2: The number of bars that are averaged in the slow moving average for the base oscillator.
Average: The number of bars that are averaged over the oscillator.
Calc Style: This option allows you to change the type of calculation used by the Moving Averages (which the MACD Calculates from). The calculation options are Exponential, Simple, Weighted, Smoothed, Modified or McGinley.
Calc Using: The MACD Histogram uses a Moving Average in its calculations. This option is used to determine which components of the data are used in calculating the Moving Average. You can choose from, Open Price, Closed Price, High Price, Low Price, HL (High + Low / 2), HLC (High + Low + Close / 3), OHLC (Open + High + Low + Close / 4), OC (Open + Close / 2).
Histogram: Expands to display the plot style properties of the Histogram. The following properties can be adjusted:
- Plot Style - Adjusts the display style of the Histogram. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
- Line Style - The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
- Line Width - Allows you to adjust the width of the Histogram line. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to adjust the colour of the Histogram line.
- Visible - Un-tick this checkbox to hide the Histogram from the chart.
Centre Line Style: Expands to display the properties of the centre line, the following properties can be adjusted:
- Line Style - The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
- Line Width - Allows you to adjust the width of the centre line. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to adjust the colour of the centre line.
- Transparency - Use this slider bar to adjust the transparency of the centre line. Moving the slider to the left will increase the line transparency.
- Visible - Un-tick this checkbox to hide the centre line.
Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Show in Price Scale: When selected the current MACD Histogram value will be displayed in the Price Scale.