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MACD line Divergence on weekly charts
Does anyone know how to scan for MACD Line divergence (Price makes a new high but Macd Line does not) on weekly charts.
and [weekly close = weekly max(?, weekly close)]
and [weekly MACD LIne(12,26,9) < weekly max(?, weekly MACD Line(12,26,9)]
I don't use MACD so I'm not sure what a good value for "?" would be. Also, I don't know how often this condition occurs or whether its meaningful. You would have to test that out.
It might also be interesting to test for the opposite condition, if it occurs - MACD line is at max and close is less than its max.
[type is stock]
and [weekly close = weekly max(12, weekly close)]
and [weekly MACD Line(12,26,9) < weekly max(12, weekly MACD Line(12,26,9)]
max(12, weekly MACD Line(12,26,9))
for every ( there must be a corresponding ) and for every [ there must be a corresponding ].
in the Max requirement there are 2 ( and 1 ).