The 3 colored MACD Signal Forex indicator for Metatrader 5 is beginner friendly and it delivers excellent buy & sell trading signals.
This technical tool is displayed in a separate chart window as a 3-colored MACD indicator.
How to spot buy and sell trends?
- The market is in buy mode when the colored MACD bars appear above the zero level.
- The market is in sell mode when the colored MACD bars appear below the zero level.
For scalpers and day traders, the indicator produces the best results during the London and New York trading sessions.
The indicator contains the following inputs and parameters: colors, and style.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Chart Example
The following chart shows how the 3 colored MACD Signal indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The 3 Colored MACD Signal Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the colored MACD bars cross back above the zero level from below.
- Open a buy transaction and place your stop loss below the most recent support zone.
- Close the buy trade for a fixed take profit target, or wait for a sell signal.
Sell Signal
- A sell signal is given when the colored MACD bars cross back below the zero level from above.
- Open a sell transaction and place your stop loss above the most recent resistance zone.
- Close the sell trade for a fixed take profit target, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the MAxCD.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration