The MACD Signal Sniper MT4 indicator is an excellent technical indicator for short-term trading (scalping, day trading).
The indicator can be used in two ways:
- Trading the zero line color change:
The short-term trend turns bullish when the zero line its changes color from red to blue.
The short-term trend turns bearish when the zero line its changes color from blue to red.
- Scalping the MACD blue/red sniper dots
Open a scalp buy trade when the zero line is colored blue and a blue dot appears on the chart. Ignore the red colored dots.
Open a scalp sell trade when the zero line is colored red and a red dot appears on the chart. Ignore the blue colored dots.
Feel free to use this indicator together with other technical indicators or price action techniques.
The EUR/USD M15 chart below displays the MACD Signal Sniper Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the MACD Signal Sniper MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the MACD Signal Sniper indicator changes its zero line color from red to blue.
In this case, the short-term trend changes from bearish to bullish.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when the MACD Signal Sniper indicator changes its zero line color from blue to red.
In this case, the short-term trend changes from bullish to bearish.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame to use, fast average period, slow average period, signal Ma length, show lines)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the Macd averages tape 1.1.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)