Of all the different combinations of moving average filters to use for a MACD oscillator, we found the JMA - DWMA combination to be most powerful.

JMA is ideal for the fast moving average line because it is quick to respond, smooth and shows no overshoot. DWMA (double weighted moving average) is ideal for the slower line at is tends to make almost straight lines and delays reversing direction until JMA crosses it.

In the chart below, JMA (magenta) crosses a DWMA (cyan). The two oscillators underneath measure the difference between JMA and DWMA.