Need a Way to create search with MACD readings other than just crossover
Squeeze Formation: Attached is a screen shot of a chart from my Tradestation charting program, showing what is called the "Squeeze Formation." It is a bullish formation with the MACD and ADX where the MACD is on top and the ADX on the bottom. When these two diverge with MACD rising and ADX falling for 3 days, statistically, better than 80% of the time the stock has a significant bullish move within the next 3-5 days. The screen shot shows the DJ Index on 10/14/13 with the Green dot below the price bar indicating the formation as shown in the bottom two graphs on the chart circled in red. I have tried to create a search for these with Unisearch but because there is not currently a way to actually track the actual current reading of the MACD and ADX, it is impossible to do so precisely. The closest I have come is to find when the MACD and ADX have both had the respective crossover/crossunder within the last "X" days. This does fairly well but I then need to verify on my Tradestation chart. I would like to be able to have a search that does this precisely. If Protrader could be modified so that each day's actual reading in each of these indicators could be used, we could create this search. As you can see in the screen shot, the formation occurred on 10-14-13 outside of the normal points. The Squeeze often occurs several bars before or after the normal cross points so tracking the actual indicator values is important. It also often occurs before a full retracement has occurred meaning that a trend is going to continue earlier than would be expected. My suggestion thus is: create a way that in Protrader we can create a search that simply says "MACD reading has been higher/lower each day for the last "X" days." With the same structure for the ADX the squeeze formation search could be precisely programmed. If a signal could then be sent whenever this formation occurs on a stock in a watch list, the trader could easily get into the trade before the move gets underway, or out of a short position before losing gains.
Michael Champion commented
I support this idea and would like to add my own which is similar.
I find that it is a great time to enter a trade when the MACD is turning up from below zero. This usually happens a few periods before the crossover with the signal line.
This is particularly powerful if it is supported with a Stochastic rising out of an oversold position or the RT rising from below one.