The MACD offers the best of both worlds: trend following and momentum. Traders can look for signal line crossovers, center-line crossovers and divergences to generate signals. Because the MACD is unbounded, it is not particularly useful for identifying overbought and oversold levels.

It is not easy to use any indicator on smaller timeframes because traders cannot not look away from the screen. This classical indicator includes "alert" function (see screenshots).

Keep in mind that this indicator starts working from the second signal after you put it on the chart.