The MACD + Volumes Forex indicator for Metatrader 4 delivers accurate buy/sell trading signals in the direction of the trend.
As the name suggests, the indicator is based on the MACD and volume.
As can be seen from the chart more down below, the indicator is composed of histogram bars and two colored signal lines (blue and red).
The histogram bars provide trend direction: the trend is bullish when the histogram bars are positioned above the 0.00 level while bearish below.
The two colored signal lines form a crossover trading system that can be traded in agreement with the gray colored histogram bars (learn a classic buy & sell trade example below).
The picture below is an example of how the MACD + Volumes indicator looks like when applied to the EUR/USD 15-minute trading chart.
How to buy and sell currency pairs with the MACD + Volumes indicator?
The indicator can be used in multiple ways, please find a classic trading example below:
- Open a buy trade when the gray histogram bars are positioned above the 0.00 level and the red signal line crosses the blue signal line bottom-up.
- Place your stop loss 3 pips below support.
- Exit the buy trade for a fixed take profit target or wait for a sell signal.
- Open a sell trade when the gray histogram bars are positioned below the 0.00 level and the red signal line crosses the blue signal line top-down.
- Place your stop loss 3 pips above resistance.
- Exit the sell trade for a fixed take profit target or wait for a buy signal.
How to I install and run this Forex indicator on Metatrader 4?
- Download the macd-and-volumes.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
- Drag and drop the indicator to a chart in order to start using it