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Wall Street old-timers claim that moving averages were brought to the financial markets by antiaircraft gunners. They used moving averages to site guns on enemy planes during World War 11 and applied this method to prices. The two early experts on moving averages were Richard Donchian and J. M. Hurst-neither apparently a gunner. Donchian was a Merrill Lynch employee who developed trading methods based on moving average crossovers. Hurst was an engineer who applied moving averages to stocks in his now-classic book, The Profit Magic of Stock Transaction Timing.[b]

MACD-Histogram offers a deeper insight into the balance of power between bulls and bears than the original MACD. It shows not only whether bulls or bears are in control but also whether they are growing stronger or weaker. It is one of the best tools available to a market technician.

Moving averages identify trends by filtering out daily price ripples. A more advanced indicator was constructed by Gerald Appel, an analyst and money manager in New York. Moving Average Convergence-Divergence, or MACD for short, consists not of one, but three exponential moving averages. It appears on the charts as two lines whose crossovers give trading signals.

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