The iMACD Histogram indicator for Metatrader 4 shows you exactly where to buy and sell currency pairs based on MACD.
IMACD appears underneath the main MT4 trading window in the form of a dual colored buy/sell signals histogram.
- A blue iMACD histogram indicates that the trend is bullish.
- A red iMACD histogram indicates that the trend is bearish.
The iMACD Forex indicator can be deployed on any time frame on any currency pair and MT4 symbol.
It can be used as a stand-alone trading indicator for day trading and scalping purposes (M1, M5, M15) or together with other technical indicators or price action for better trading performance on the larger time frames (M30, H1, H4, D1).
Feel free to experiment with the different iMACD indicator’s inputs settings to suit your needs and preferences.
The AUD/CAD 15-Minute chart below displays the iMACD Histogram Buy/Sell Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the iMACD Histogram Buy/Sell MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Buy the pair when the iMACD Histogram Buy/Sell indicator draws its first blue bar on the activity chart. The trend is now bullish.
Place a stop loss 3 pips below support or use your own preferred SL method.
Take profit when the IMACD indicator reverses its trend direction (at first red bar) or go for a fixed profit target. For example, 30 pips on the M15 trading chart.
Sell Signal: Sell the pair when the iMACD Histogram Buy/Sell indicator draws its first red bar on the activity chart. The trend is now bearish.
Place a stop loss 3 pips above resistance or use your own preferred SL method.
Take profit when the IMACD indicator reverses its trend direction (at first blue bar) or go for a fixed profit target. For example, 15 pips on the M1 scalping chart.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (fast period, slow period, signal period, applied price, percentage level up, percentage level down) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the iMACD_Advanced_Histo_v1.0 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)