The Colored MACD OsMA indicator for Metatrader 4 operates similar to its scalper version but it colors the candlesticks for the ease of use.
You can clearly identify bullish and bearish trends.
First and foremost, a white colored arrow is a buy signal while a red colored arrow a sell signal.
A green colored candlestick indicates a bullish trend while an orange colored candlestick a bearish trend.
In essence, follow the buy and sell signal arrows.
Free Download
Download the macd-osma-on-chart-mtf-v2.mq4 indicator file (MT4)
Trading Chart
The picture below is an example of how the Colored MACD OsMA Forex indicator looks like when applied to the EUR/USD 15-minute trading chart.
How to buy and sell currency pairs with the Colored MACD OsMA with signals indicator?
The indicator can be used in multiple ways, please find a classic trading example below:
Buy Signal:
- A white colored arrow is a buy signal.
- Place your stop loss 3 pips below the most recent support area.
- Close the buy trade for a risk to reward ratio of at least 1:1 or wait for a sell signal.
Sell Signal:
- A red colored arrow is a sell signal.
- Place your stop loss 3 pips above the most recent resistance area.
- Close the sell trade for a risk to reward ratio of at least 1:1 or wait for a buy signal.
How to I install and run this Forex indicator on Metatrader 4?
- Download the macd-osma-on-chart-mtf-v2.mq4 indicator file here and save it to your computer
- Open the Metatrader 4 trading platform
- From the top menu, click on “File” to open the drop down menu
- Select the “open data folder” and navigate to the “MQL4” folder
- Then navigate to the “Indicators” folder
- Copy the indicator into the “Indicators” folder
- Close the trading platform and restart it
- The indicator will be automatically installed on MT4
- You will find the installed indicator in the Navigator window
- In order to start using it, drag and drop the indicator to the chart
