Colored MACD OsMA Forex Indicator For MT4

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