The MACD (Moving Average Convergence/Divergence) was developed by Gerald Appel, publisher of Systems and Forecasts. The MACD is the difference between a 26-day and 12-day exponential moving average. A 9-day exponential moving average, called the "signal" (or "trigger") line is plotted on top of the MACD to show buy/sell opportunities. The MACD show the relationship between two moving averages of prices.

Interpretation:
- sell when the MACD falls below the signal line
- buy when the MACD rises above the signal line