The traditional MACD indicator is known for its flexibility towards trading.
It is in this light that the Custom MACD indicator was designed to allow Forex traders determine breakouts, divergence, scalp for profits, etc.
The Custom MACD indicator gets added on the chart in a separate window at the lower end of the chart window.
The indicator is comprised of a red line and a blue starred dotted line.
- The crossover technique can be implemented when deploying the Custom MACD Indicator. Buy signal takes place when the blue starred line rises above its red line.
- Conversely, when the red line rises above the blue starred line of the Custom MACD indicator, a sell signal is said to be in place.
- The widening of the gap between the red and blue starred dotted lines is an indication that the price is overextending and may soon return to more realistic levels. Thus, giving users clues about overbought/oversold price conditions.
Feel free to explore the Custom MACD Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Custom MACD Forex Indicator Chart (AUD/CAD H1 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Custom MACD MT4 Indicator
Buy Signal: Go long when the blue starred dotted line rises above the red line of the Custom MACD MT4 indicator.
When the blue line of the Alligator indicator crosses below the lime and red lines in a bottom up manner, it is a buy signal confirmation.
Sell Signal: Go short when the red line rises above the blue starred dotted line of the Custom MACD MT4 indicator.
When the blue line of the Alligator indicator crosses above the lime and red lines in a top downward fashion, it is a sell signal confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a blue star forms below the red line of the Custom MACD indicator. Else, the lime line of the Alligator indicator intersects its red line.
Exit sell trade: Close all sell orders if while a bearish trend is on course, a blue star forms above the red line of the Custom MACD indicator. Else, the lime line of the Alligator indicator intersects its red line.
Tips: The Custom MACD MT4 Indicator is helpful in forecasting price and taking intelligent trading decisions.
The Custom MACD indicator can be combined with other technical studies, like the Alligator indicator for more usable data.
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Fast EMA, slow EMA, signal EMA.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: MACD
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.