The MACD MTF Trend Candles Forex indicator for Metatrader 4 provides an handy overview of how trends behave across multiple time frames.
In brief, a green colored candlestick indicates that the candlestick’s closing price was higher than the open price for that particular time frame.
A red colored candlestick indicates that the candlestick’s closing price was lower than the open price for that particular time frame.
The indicator scans the following time frames: M1, M5, M15, M30, H1, H4, D1, W1 and MN1.
This indicator should be combined with other technical indicators and price action techniques.
The picture below is an example of how the MACD MTF Trend Candles Forex indicator looks like when applied to the EUR/USD daily trading chart.
How to buy and sell currency pairs with the MACD MTF Trend Candles indicator?
The indicator only reveals candlestick direction across multiple time frames and it’s advised to combine it with other technical indicators.
Tip: Consecutive green candles might indicate the start of a new trend while consecutive red candles the start of a new downtrend.
How to I install and run this Forex indicator on Metatrader 4?
- Download the macd-trend-candles.ex4 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