A Refined MACD Indicator - Evidence against the Random Walk Hypothesis?
The traditional MACD Indicator
Model MACDR2 and Option Trading
Model MACDR2 and Trading Volume
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Gunter Meissner, Albin Alex and Kai Nolte

A Refined MACD Indicator – Evidence against the Random Walk Hypothesis?
Rigorous testing of the widely used MACD indicator results in a surprisingly low success rate of 32.73% for the individually tested NASDAQ-100 stocks over a 10-year period. This study derives two methods, which address the shortcomings of the MACD indicator.
Gunter Meissner, Albin Alex and Kai Nolte