The Mcginley Dynamic forex indicator for the Metatrader 4 platform is a moving average based indicator with smoothing factor to reduce false signals.
Price action above the Mcginley indicator: look for possible buy signals.
Price action below the Mcginley indicator: look for possible sell signals.
The indicator settings (period, smooting factor) can be changed directly from the indicator’s input tab.
Use together with an oscillator indicator (MACD, Stochastic) to build a complete trading system.
The EUR/USD H1 chart below displays the Mcginley Dynamic forex indicator in action.
Basic Trading Signals
Signals from the Mcginley Dynamic indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when price crosses and closes above the Mcginley line from below (bullish signal).
Sell Signal: Open sell order when price crosses and closes below the Mcginley line from above (bearish signal).
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 (Periods, Smoothing) 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 mcginley-dynamic-indicator.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)