The MACD Signal Bars MT4 indicator displays MACD green and red signal bars in an histogram window below the main activity chart.
The signals generated by the indicator are based on MACD.
The indicator settings can be customized directly from the indicator’s input tab.
Green histogram bars suggest the trend is bullish while red bars suggest the trend is bearish.
This indicator is beginner friendly and can be used for short-term trend trading (scalping & day trading).
The EUR/USD H1 chart below displays the MACD Signal Bars forex indicator in action.
Basic Trading Signals
Signals from the MACD Signal Bars are easy to interpret and goes as follows:
Buy Signal: Open buy order at the first green histogram bar.
Sell Signal: Open sell order at the first red histogram bar.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (FastEma, SlowEma, SignalSMMA, MaxBars) Colors, 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-bars.mq4 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)