Double MACD Overlay

The Double MACD Overlay [NLR] indicator plots two MACD signals directly on the price chart to help traders identify multi-timeframe trends and momentum shifts simultaneously.

Usage

The indicator displays two separate MACD calculations on the main chart, allowing users to compare short-term momentum with broader trend directions. The "Main" (HTF) MACD provides context for the overall trend, while the "Short" MACD helps identify early entry or exit signals.

Each MACD component includes:

• A moving average line representing the core trend.
• A color-coded histogram showing the difference between the MACD line and the signal line.
• A dynamic zero line for reference.

Traders can use this tool to spot divergences, confirm trend strength when both MACDs align, or use the Short MACD for precision timing within a higher-timeframe trend. For example, on a 5-minute chart, setting the HTF Multiplier to 3 allows you to monitor the 15-minute MACD behavior without switching timeframes.

Details

This script implements the MACD calculation directly on the price chart by using the moving average levels as a baseline. The "Main MACD" uses a multiplier to simulate a higher timeframe (HTF) calculation relative to the current chart interval. The "Short MACD" includes an optional smoothing feature, which applies a weighted moving average (WMA) and a simple moving average (SMA) to the source price to filter out noise and provide cleaner signals in volatile markets.

Settings

MACD Settings

• Fast Length: Sets the period for the fast exponential moving average.
• Slow Length: Sets the period for the slow exponential moving average.
• Signal Smoothing: Determines the smoothing period for the MACD signal line.
• HTF MACD Multiplier: Multiplies the base lengths to calculate the higher timeframe MACD.
• Uptrend/Downtrend Color: Customizes the colors for the HTF MACD visual elements.

Short MACD Settings

• Use Smoothed Source: When enabled, applies a combination of SMA and WMA to the input source for the short-term MACD.
• Uptrend/Downtrend Color: Customizes the colors for the short-term MACD visual elements.

FAQ

How do I use the HTF Multiplier?

The HTF Multiplier scales the MACD periods to represent a higher timeframe. If you are on a 1-minute chart and set the multiplier to 5, the indicator will display the equivalent of a 5-minute MACD.

What is the "Smoothed Source" option?

This option filters the price data before it enters the MACD calculation, reducing "whipsaw" signals and providing a smoother histogram, which is particularly useful on very low timeframes like the 1-minute chart.

How can I access Double MACD Overlay [NLR]?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.