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似的）的指标，这个指标可以计算2条线之间的距离并用柱状图表示。
When you look at MACD lines； their spread may appear tiny； but MACD… Histogram rescales it to fit the screen。 The slope of MACD…Histogram shows whether bulls or bears are growing stronger。 That slope is defined by the relationship between the two latest bars。 When the bars of MACD…Histogram rise （like the pattern of letters g…G）； they show that the crowd is being bullish … it is a good time to be long。 When the slope of MACD…Histogram declines （like in letters Q…q）； it shows that the crowd is being bearish … it is a good time to be short。
当你看MACD线时，它们的距离也许很小，但是MACD柱会重新计算，在屏幕上显示出来。MACD柱的坡度表明了多头或空头的强势。这个坡度定义为最后2个柱状图的关系。当MACD柱上涨（模式像字母g…G），它们表明大众开始变成多头了——此时最好做多。当MACD柱下跌（像字母Q…q），它表明大众开始变成空头了——此时最好做空。
Figure 5。9 MACD…Histogram
图5。9 MACD柱
A very powerful signal of MACD…Histogram； which occurs only once or twice per year on a daily chart； is a divergence between the indicator peaks or bottoms and price extremes。 In area A the Euro grinds down to a low of 84 cents and MACD…Histogram confirms that low by tracing its own bottom； A。 Prices rally into area B； and a strong rally of MACD…Histogram confirms its strength。 It rises to a new multi…month high； showing that bulls are being stronger below the surface of the bear market。 Prices trace a double top in area B。 The second top of MACD…Histogram in that area is a little lower than the first； warning of the imminent resumption of the downtrend。 So far； the indicator and prices are in gear； but from this point they diverge。
一个强烈的MACD柱信号，每年只会在日线图上发生1次或2次，它发生在指标顶或底与价格之间的最大背离。在区域A，欧元跌到了底部的84分，MACD柱跌到底部，确认了这个底部A。价格反弹到区域B，强烈的MACD柱反弹，确认了这个力度。它上涨到几个月的新高，表明在空头市场中多头变得强壮起来。价格在B形成双头。MACD柱在那里的第二个顶比第一个顶低一点点，警告空头的继续。在这之前，指标和价格都配合得很好，但是到这里就产生了背离。
In area C prices crash to a new bear market low； while MACD…Histogram stops just below its centerline； creating a more shallow bottom than during its previous decline。 When it ticks up from that low； it pletes the bullish divergence and shows that bears have run out of steam and bulls are taking over。
在区域C，价格崩跌到新的底部，然而MACD柱只是在中轴下面停住了，比上一次的下跌底浅多了。当它从那个底部上涨时，它完成了看涨背离，表明上涨已经结束，空头占优势。
When two or three diverse technical tools flash the same message； they confirm one another。 Notice that prices have traced a false downside breakout in area C。 That breakout has cleaned out stops placed by bulls and sucked in the most rabid bears who shorted。 Premature bulls have been shaken out； late bears have been trapped； and the upside reversal is plete。 Those trapped bears will have to cover shorts when they can no longer stand the pain； adding fuel to the rally。
当2个或3个不同的技术工具发出相同的信息，它们互相确认。注意价格在区域C形成了一个下跌的假突破。这个突破把多头的止损都清光了，还把激进的空头吸进来了。早熟的多头被消灭了，最后的空头被陷害了，反转已经形成。被陷害的空头无法忍受痛苦，他们要回补空头仓位，这样为上涨添加了油料。
At the right edge of the chart prices are shooting higher from a bullish divergence。 This powerful pattern usually propels prices for weeks if not months。
在图的右边，价格从看涨背离涨的更高。这么强的模式可以把价格推高几周，也许是几个月。
Markets run on a two…party system … the bulls and the bears。 When MACD…Histogram rises； it shows that bulls are being stronger； and when it declines； it shows that bears are being stronger。 MACD…Histogram helps you bet on the winning party and sell short the opposition。
市场在2个方向的系统运行——多头和空头。当MACD柱上涨，它表明多头变强，当它下跌，它表明空头变强。MACD柱帮助你在赢的一方下注，反之则做空。
The Strongest Signal MACD…Histogram gives two types of signals。 One is ordinary； and we see it at every bar … it is the slope of MACD…Histogram。 An uptick of MACD…Histogram shows that bulls are stronger than they were at the previous bar； and a downtick shows that bears are gaining。 Those upticks and downticks provide minor buy and sell signals； but we shouldn’t read too much into them。 Markets do not move in straight lines； and it’s normal for MACD…Histogram to keep ticking up and down。
最强的信号 MACD柱给你2种信号。一种是普通的，每个竹线就是——MACD柱的坡度。MACD柱的上涨表明多头比前一个竹线强，下跌则表明空头强。这些上涨和下跌提供了小的买卖信号，但我们不能太认真。市场不是走直线，MACD柱上上下下是正常的。
The other signal occurs rarely； only a couple of times per year on the daily charts of most markets； but it’s worth waiting for because it is the strongest signal in technical analysis。 That signal is a divergence between the peaks and bottoms of price and MACD…Histogram。 A divergence occurs when the trend of price highs and lows goes one way and the trend of tops and bottoms in MACD…Histogram goes the opposite way。 Those patterns take several weeks or even more than a month to develop on the daily charts。
其它信号很少发生，大部分市场日线图上每年才产生几次，但是值得等待，因为这是技术分析中最强的信号。这个信号是价格的顶底和MACD柱的背离。这个背离发生在价格的趋势达到顶和底，而MACD柱的顶和底则相反。在日线图上，这样的模式需要多周或一个多月才会形成。
A bullish divergence occurs when prices trace a bottom； rally； and then sink to a new low。 At the same time MACD…Histogram traces a different pattern。 When it rallies from its first bottom； that rally lifts it above the zero line； “breaking the back of the bear。” When prices sink to a new low； MACD…Histogram declines to a more shallow bottom。 At that point； prices are lower； but the bottom of MACD…Histogram is higher； showing that bears are weaker and the downtrend is ready for a reversal。 MACD…Histogram gives a buy signal when it ticks up from its second bottom。
看涨背离发生在价格达到底部，反弹，然后创造新低。同时MACD柱跟踪到不同的模式。当它从第一个底部反弹，反弹把它带到0轴以上，“打破了空头的脊梁”。当价格下跌到新低时，MACD柱跌到比较浅的底部。在这点，价格更低，但是MACD柱的底部更高，表明空头弱了，下跌趋势要反转。MACD柱从第二个底部反弹时提供了买入信号。
Occasionally； the second bottom is followed by a third。 This is why traders must use stops and proper money management。 There are no certainties in the markets； only probabilities。 Even a reliable pattern such as a divergence of MACD…Histogram fails occasionally； which is why we must exit if prices fall below their second bottom。 We must preserve our trading capital and reenter when MACD…Histogram ticks up from its third bottom； as long as it is higher than the first。
偶尔，第2个底部以后还有第3个底部。这是交易者必须止损和资金管理的原因。市场中没有确定的事，只有可能性。偶尔，MACD柱背离这样的可靠模式也会失败，这就是在价格跌破第2个底必须出场的原因。我们必须保留资金，等MACD柱从第3个底再次上涨时再次进场，底部还要比第1个底部高。
A bearish divergence occurs when prices rise to a new high； decline； and then rise to a higher peak。 MACD…Histogram gives the first sign of trouble when it breaks below its zero line during the decline from its first peak。 When prices reach a higher high； MACD…Histogram rises to a much lower high。 It shows that bulls are weaker； and prices are rising simply out of inertia and are ready to reverse。
看跌背离发生在价格上涨到一个新高，下跌，然后又涨到更高的顶峰。MACD柱在价格从第一个顶峰时下跌到0轴以下，发出第一个麻烦的信号。当价格达到更高的高度，MACD柱上涨到很低的高度。这表明多头很弱，价格只是走出惯性，准备要反转。
The Hound of the Baskervilles MACD…Histogram offers traders what x…rays offer doctors； showing the strength or weakness of the bone below the surface of the skin。 Bulls or bears may appear powerful when prices reach a new extreme； but a divergence of MACD…Histogram shows that the dominant party is being weak and prices are ready to reverse。
巴斯克维尔猎犬 MACD柱提供的交易者的就像是X光提供给医生的，表明了皮肤下骨头的硬或软。当价格达到极端时，多头或空头也许会显得有力量，但是MACD柱的背离表明强势的一方开始变弱，价格要反转。
Go long when MACD…Histogram traces a bullish divergence； that is； when prices fall to a new low while the indicator ticks up from a more shallow low。 Get long after MACD…Histogram ticks up from its second bottom。 A bottom that is more shallow than the preceding one shows that bears have grown weaker； and the uptick tells us that bulls are taking over。 Place a protective stop below the latest bottom。 Rallies from bullish divergences tend to be very powerful； but you must always use protection in case a signal does not work out。
当MACD柱跟踪到看涨背离时做多，也就是说，当价格跌到新低，指标从一个很浅的低点上涨。当MACD柱从第二个底部上涨时做多。底部比前一个底部浅表明空头变弱了，上涨告诉我们多头主导波动了。在最后一个底部下面设置止损点。看涨背离的上涨很强，但是为了防止信号失真，你必须永远采取保护措施。
An aggressive trader can make that stop “stop…and reverse；” meaning that if stopped out of a long position； he will reverse and go short。 When a super…strong signal doesn’t pan out； it shows that something is fundamentally changing below the surface of the market。 If you buy on the strongest signal in technical analysis and th