The MACD Currency Monitor V 0.8 indicator for MT4 can be used for trade entries and exits, or combine it with an existing strategy or system.
The indicator displays all signals in the upper left part of the main MT4 chart.
Just follow the buy & sell signals as they become available!
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
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Download the “MACD Currency Monitor_v0.8.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the MACD Currency Monitor V 0.8 mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the MACD Currency Monitor V 0.8 Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: MACD
Does the indicator repaint? No.
MACD Currency Monitor + Trend Finder Intraday MT4 Strategy
This strategy is built for intraday trading using the MACD Currency Monitor v0.8 Indicator and the Trend Finder Indicator.
The MACD Currency Monitor shows “CROSS UP” for a buy signal and “CROSS DN” for a sell signal.
The Trend Finder shows a rising channel (or blue line crossing red, depending on version) for a bullish trend and a declining channel (or red line) for a bearish trend.
This setup is designed for active intraday traders working on M15 or M30 charts who want structured entries based on momentum and trend alignment.
Buy Entry Rules
- Confirm that the Trend Finder indicator is showing a bullish trend channel (rising channel) or that the blue line is above the red line.
- Wait until the MACD Currency Monitor displays “CROSS UP” in the upper-left of the chart.
- Enter a buy trade at the close of the signal candle (or at the open of the next candle for confirmation).
- Place the stop loss just below the recent swing low or just below the lower boundary of the trend channel.
- Set a take profit target roughly 1.5 to 2 times your risk (for example, if stop loss is 15 pips, aim for 22-30 pips)
- OR exit when the MACD shows “CROSS DN” or the Trend Finder channel turns bearish.
Sell Entry Rules
- Confirm that the Trend Finder indicator is showing a bearish trend channel (declining channel) or the red line is above the blue line.
- Wait until the MACD Currency Monitor displays “CROSS DN” in the upper-left of the chart.
- Enter a sell trade at the close of the signal candle (or next candle open for confirmation).
- Place the stop loss just above the recent swing high or just above the upper boundary of the trend channel.
- Set the take profit target at about 1.5 to 2× your risk
- OR exit when the MACD displays “CROSS UP” or the trend channel flips bullish.
Advantages
- Aligned momentum (MACD signal) and trend (Trend Finder channel) filters out a lot of false entries.
- Simple visual cues (CROSS UP / CROSS DN + rising/declining channel) make decision-making faster for intraday trades.
- Works well in active sessions when currencies are trending and moving with momentum—ideal for M15, M30 charts.
- Structured risk/reward rules help keep trade management disciplined during fast intraday moves.
Drawbacks
- In sideways or low-volatility markets, the channel may oscillate, and the signals can whipsaw.
- The MACD-based monitor signal will lag the beginning of moves somewhat, so the entry may be slightly delayed compared to pure breakout methods.
- Intraday timeframes require faster execution and stricter discipline; spreads and commissions matter more when targeting smaller moves.
Case Study 1: EURJPY M15 Buy Example
During the European session on EURJPY, the Trend Finder channel began rising, showing a bullish trend.
Shortly after, the MACD Currency Monitor displayed “CROSS UP” at 140.25.
A buy trade was entered at 140.27 with a stop loss at 140.10 (17 pips risk) and a take profit set at ~140.60 (≈33 pips target).
Price followed the bullish trend and progressed steadily, hitting the TP within about 40 minutes.
Case Study 2: GBPCHF M30 Sell Example
In the London-US overlap, GBPCHF formed a declining channel identified by Trend Finder.
The MACD Currency Monitor indicated “CROSS DN” at 1.2235.
A sell was placed at 1.2232 with a stop loss at 1.2252 (20 pips) and take profit at 1.2200 (~32 pips target).
The pair dropped quickly in line with the bearish channel and reached the TP in about 35 minutes.
The clear bearish trend confirmation helped filter the momentum entry and secure profit within the intraday window.
Strategy Tips
- Trade during high-liquidity sessions—the European session and the London–New York overlap give the best trending moves.
- Stick to major and liquid currency pairs (e.g., EURUSD, EURJPY, GBPCHF, USDJPY) so spread and slippage are minimized.
- If the Trend Finder channel is flat or very narrow (indicating a weak trend), skip the trade even if a “CROSS UP” or “CROSS DN” appears.
- Focus on consistency rather than chasing big gains.
By combining the MACD Currency Monitor v0.8 Indicator and the Trend Finder Indicator, this intraday strategy gives MT4 traders a disciplined framework for identifying high-probability entries within active market sessions.
With proper risk management and workflow, it can become a reliable part of your intraday toolbox.
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Download the “MACD Currency Monitor_v0.8.mq4” indicator for Metatrader 4
