The MACD MTF Alerts Divergence indicator for Metatrader 4 finds interesting divergences between price and the MACD technical indicator.
The indicator includes the MTF (multiple time frame) functionality.
For instance, it finds divergence signals on the H1 chart and plots them on the M5 chart.
You can edit the MTF function by editing the indicator’s inputs tab.
Generally speaking, the indicator works great for scalpers and day trader (shorter-term trade opportunities).
Key Points
- Finds divergences between MACD and price.
- MTF function.
- Can be used for trade entries & exits.
Free Download
Download the “macd-mtf-alerts-divergence-indicator.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD H1 chart below shows the MACD MTF Alerts Divergence indicator in action.
Basic Trading Signals
Signals from the MACD MTF Alerts Divergence Forex indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- A new buy signal is given when the green dotted line appears on the chart (bullish divergence).
- Set a stop loss below previous support.
- Exit the buy trade for a risk-to-reward of 1.5 or more.
SELL:
- A new sell signal is given when the orange dotted line appears on the chart (bearish divergence).
- Set a stop loss below previous resistance.
- Exit the sell trade for a risk-to-reward of 1.5 or more.
Download This Forex Indicator
Download the “macd-mtf-alerts-divergence-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Time frame, price, fast period, slow period, signal period, method, divergence, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: MACD + divergence
How to install the MACD MTF Alerts Divergence indicator in Metatrader 4?
- Copy and paste the macd-mtf-alerts-divergence-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button