The Super MACD Signal Forex indicator for Metatrader 4 is a solid technical tool that works well for both trade entries and exits.
The indicator oscillates above and below the zero level and delivers blue buy and red sell dots.
According to the Super MACD Signal indicator, a blue dot is bullish while a red dot bearish.
The indicator never repaints its signals and does not slow down the trading platform.
Indicator Chart Example
The picture below shows the Super MACD Signal indicator attached to the Euro/U.S. Dollar 15-minute chart.
How to trade Forex with the Super MACD Signal indicator?
The indicator can be used in multiple ways, find a simple trading example below:
- A blue colored MACD dot is a buy signal. Open a buy trade.
- Place your stop loss below short-term support.
- Exit the buy trade for a fixed take profit target or wait for a red signal dot.
- A red colored MACD dot is a sell signal. Open a sell trade.
- Place your stop loss above short-term resistance.
- Exit the sell trade for a fixed take profit target or wait for a blue signal dot.
How to install the indicator to the Metatrader 4 platform?
- Download the Macd averages tape 1.1.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