The MACD Pattern Signals Metatrader 4 forex indicator is an oscillator that is designed to spot changes in the strength, momentum and direction of price.
The MACD Pattern Signals indicator offers traders enormous trading benefits due to its enormous versatility.
Consequently, it can be used for the following trading purposes:
Breakout | Divergence | Intraday trading | Scalping | Crossover trading
A bullish trend is in most cases confirmed when the MACD histograms are aligned above zero, while a bearish trend is established when the histograms are placed below zero.
Choppy price actions will lead to us having frequent crossovers, which are not ideal market entry points.
The GBP/USD M30 chart below displays the MACD Pattern Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the silver histograms of the MACD Pattern Signals Metatrader 4 forex indicator breaks above zero.
Sell Signal: Go short when the silver histograms of the MACD Pattern Signals Metatrader 4 forex indicator gets aligned below zero.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the MACD Pattern Signals indicator puts up a silver histogram below zero.
Exit sell trade: Close all sell orders if while a bearish trend is running, the MACD Pattern Signals indicator pops up a silver histogram above zero.
Tips: The MACD Pattern Signals becomes more useful when combined with other technical indicators like the Bollinger Bands, and also incorporating candlestick patterns when defining buy/sell trade signals is also an efficient technique.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (FastEMA, SlowEMA, Signal SA, DrawInfo, Alert_1), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the macd-pattern-signals.ex4 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)