The MACD indicator in MetaTrader 4/5 looks different than the MACD indicator in most other charting software. That's because the MetaTrader 5 version of MACD displays the MACD line as a histogram when it is traditionally displayed as a line. Additionally, the MetaTrader 5 version computes the Signal line using an SMA whereas according to MACD definition it's supposed to be an EMA. The MetaTrader 5 version also does not compute a true MACD Histogram (the difference between the MACD/Signal lines), this can be confusing for people new to MetaTrader 4/5 since the MACD line is displayed as a histogram.
This indicator displays MACD as it was defined by it's creator (Gerald Appel) and how it appears in other charting software. The MACD line is computed as the difference between a "fast" EMA and a "slow" EMA. The Signal line is an EMA of the MACD line. The MACD Histogram is the difference between the MACD/Signal lines (the MACD Histogram by itself can be used reliably for divergence signals).
T/F switches enable you to display/hide the MACD/Signal lines and the MACD Histogram.
There is no alerts and arrow objects, but it is still useful.
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