The Tipu MACD MT4 forex indicator is based on the traditional MACD indicator and generates buy and sell arrow signals on the chart.
The indicator plots MACD in a sub window below the main activity chart, green colored bars for bullish price movement and red colored bars bearish price movement.
You can use this indicator as a stand alone or combine it with a trend-following indicator such as a longer period moving average (SMA or EMA type)
The EUR/USD H4 chart below displays the Tipu MACD forex indicator in action.
Basic Trading Signals
Signals from the Tipu MACD indicator are easy to interpret and goes as follows:
Buy Trade: Open buy order when Tipu MACD crosses back above 0.00 from below (first green bar).
Sell Trade: Open sell order when Tipu MACD crosses back below 0.00 from above (first red bar).
Exit Trade: Close trades at an opposite signal, or use your own preferred exit method.
Tip: Use Tipu MACD in conjunction with a trend-following indicator.
For example, a simple moving average or exponential moving average.
Only trade in the direction of the trend indicated by the trend-following indicator.
Bullish trend direction? Trade Tipu MACD buy signals, avoid sell signals.
Bearish trend direction? Trade Tipu MACD sell signals, avoid buy signals.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (MACD Mode, Fast EMA Period, Slow EMA Period, Signal EMA Period, Applied Price, Signal Types, Alert Mobile, Alert Onscreen, Alert Email) 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 Tipu MACD.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)