The MACD Signal Alert Forex indicator for Metatrader 4 is an enhanced buy/sell signals version of the classic MACD indicator.
The indicator pops up on the chart as gray colored bars together with easy to follow red/green colored buy and sell signal lines.
According to the MACD Signal Alert indicator, a green signal line indicates a bullish trend while a red signal line a bearish trend.
The indicator can be used as a standalone tool or can be combined with additional technical indicators.
Indicator Chart Example
The picture below shows the MACD Signal Alert indicator attached to the Euro/U.S. Dollar 15-minute chart.
How to trade Forex with the MACD Signal Alert indicator?
The indicator can be used in multiple ways, find a simple trading example below:
- The start of the green MACD line is a bullish signal. Open a buy trade.
- Place your stop loss below technical support.
- Exit the buy trade for a fixed take profit target or wait for a sell signal.
- The start of the red MACD line is a bearish signal. Open a sell trade.
- Place your stop loss above the technical resistance.
- Exit the sell trade for a fixed take profit target or wait for a buy signal.
How to install the indicator to the Metatrader 4 platform?
- Download the MACD Alert.ex4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration