The MACD on RSI Forex indicator for Metatrader 4 turns price action into a powerful buy/sell technical oscillator.
The indicator combines RSI and MACD and generates more accurate trading signals when compared to the classic MACD indicator.
The red histogram bars appear in a bottom chart together with some additional signal lines (blue and green).
Generally speaking, the trend is bullish when the histogram bars are aligned above the 0.00 level while bearish below.
Free Download
Download the macd-on-rsi-indicator.mq4 indicator file (MT4)
Trading Chart
The picture below is an example of how the MACD on RSI Forex indicator looks like when applied to the EUR/USD 15-minute trading chart.
How to buy and sell currency pairs with the MACD on RSI Forex indicator?
The indicator can be used in multiple ways, please find a classic trading example below:
Buy Signal:
- A buy signal occurs when the red histogram bars cross the zero level bottom-up.
- Place your stop loss 3 pips below support.
- Exit the buy trade for a risk to reward ratio of at least 1:1 or wait for a sell signal.
Sell Signal:
- A sell signal occurs when the red histogram bars cross the zero level top-down.
- Place your stop loss 3 pips above resistance.
- Exit 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-on-rsi-indicator.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