The MTF MACD Bars Indicator is a Metatrader 4 trading indicator that monitors the bullish/bearish development of the currency market with the help of MTF MACD.
The indicator does not redraw and due to its multi timeframe characteristics, it is used for trading moving averages with different periods.
The indicator displays four uniquely colored default bars i.e. yellow green, green, tomato and red.
The red and yellow green colored bars are formed below the zero level while the green and tomato bars are aligned above the zero reference line.
The GBP/USD H1 chart below displays the MTF MACD Bars Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the yellow green bars of the MTF MACD Bars Indicator Metatrader 4 forex indicator pops up, and hold your positions if the bars get accompanied by green bars above the zero level.
Sell Signal: Go short when the tomato bars of the MTF MACD Bars Indicator Metatrader 4 forex indicator gets positioned above the zero signal level, and stay on such positions if the accompanying bars below the zero signal level are colored red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the MTF MACD Bars Indicator puts on display a tomato bar.
Exit sell trade: Close all sell orders if while a bearish trend is running, the MTF MACD Bars Indicator pops up a yellow green bar.
Tips: The information provided by the MTF MACD Bars Indicator is designed to allow traders anticipate future price movements and adjust their trading strategy accordingly.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Minutes, MACD_Fast, MACD_Slow, MACD_MA), 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 mtf-macd-bars-indicator.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)