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1 Parent MACD
What is Parent MACD ?
Parent MACD is standard MACD indicator with one additional parameter of Parent. Parent MACD is designed so that you should be able to see cyclical behavior of current trend without having to switch to higher timeframe.
Why You Need This Indicator ?
Technical Analysis is defined as Art of Identifying trend in its early stages and riding on that trend until weight of evidence shows or proves the trend has finally reversed.
Technical Trading is literally 2 step process,
STEP 1 Find Direction of Trend
STEP 2 Trade in Direction of Trend
The direction of trend is taken from higher timeframe (aka parent timeframe) than your trading timeframe. The parent timeframe is 4,5 or 6 times of your trading timeframe if noise is less, if noise is extreme 6,7 or 8 is used as parent. Default Parent in this indicator is 5 and can be modified according to need of trader.
This indicator will tell you that parent timeframe is gaining momentum, if parent is gianing momentum most likely the trading time frame will also gain momentum.
How To Use This Indicator
STEP 1: Select The Time Frame You Want To Trade
STEP 2: Add the indicator on Screen
STEP 3:When you see price gaining momentum add a confirmation indicator to take trade.
Personally I use Profit Max indicator by KivancOzbilgi to confirm trade. If you are planning to use it too, don't forget to say thank you to KivancOzbilgi at https://in.tradingview.com/u/KivancOzbilgic/
Practical Application To Trading
The indicator's most practical application is Option Trading and Trading Assets that trade 24 hours a day.
It can also be used to trade all kind of Index Options.
Indian Index Nifty
Indian Financial Index Nifty Bank
Dow Jones Industrial Average
BTC Index
IMPORTANT : The indicator only helps in trading in direction of Trend by identifying is trend regaining momentum after correction, it doesn't help you identify Trend, you have to identify trend.
Regards,
Nrupen
Parent MACD is standard MACD indicator with one additional parameter of Parent. Parent MACD is designed so that you should be able to see cyclical behavior of current trend without having to switch to higher timeframe.
Why You Need This Indicator ?
Technical Analysis is defined as Art of Identifying trend in its early stages and riding on that trend until weight of evidence shows or proves the trend has finally reversed.
Technical Trading is literally 2 step process,
STEP 1 Find Direction of Trend
STEP 2 Trade in Direction of Trend
The direction of trend is taken from higher timeframe (aka parent timeframe) than your trading timeframe. The parent timeframe is 4,5 or 6 times of your trading timeframe if noise is less, if noise is extreme 6,7 or 8 is used as parent. Default Parent in this indicator is 5 and can be modified according to need of trader.
This indicator will tell you that parent timeframe is gaining momentum, if parent is gianing momentum most likely the trading time frame will also gain momentum.
How To Use This Indicator
STEP 1: Select The Time Frame You Want To Trade
STEP 2: Add the indicator on Screen
STEP 3:When you see price gaining momentum add a confirmation indicator to take trade.
Personally I use Profit Max indicator by KivancOzbilgi to confirm trade. If you are planning to use it too, don't forget to say thank you to KivancOzbilgi at https://in.tradingview.com/u/KivancOzbilgic/
Practical Application To Trading
The indicator's most practical application is Option Trading and Trading Assets that trade 24 hours a day.
It can also be used to trade all kind of Index Options.
Indian Index Nifty
Indian Financial Index Nifty Bank
Dow Jones Industrial Average
BTC Index
IMPORTANT : The indicator only helps in trading in direction of Trend by identifying is trend regaining momentum after correction, it doesn't help you identify Trend, you have to identify trend.
Regards,
Nrupen
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