The Gold MACD indicator developed for Metatrader 5 is a highly effective trading tool that accurately identifies trade entries and exits.
MACD stands for Moving average convergence/divergence.
When applied to a chart, the Gold MACD indicator appears as colored histogram bars in a dedicated window.
These bars oscillate above (bullish) and below (bearish) the zero level.
To interpret the Gold MACD indicator:
- The market is considered bullish when the blue colored MACD bars gets displayed on the chart.
- The market is considered bearish when the brown colored MACD bars gets displayed on the chart.
The indicator includes various inputs and parameters such as MACD fast period, MACD slow period, signal period, price, smoothing period, and normalization period.
It is recommended to familiarize yourself with its functionality and test it thoroughly on a demo account for an extended period of time.
The Gold MACD indicator is compatible with all time frames and can be applied to any trading instrument available on the MT5 charting platform.
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The image below displays how the Gold MACD indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Gold MACD Indicator?
Find a simple trading example below:
- Buy condition: the Forex pair should display a clear upward trend.
- Open a long trade when the blue colored MACD bars appears on the chart.
- Exit the buy trade for a fixed take profit, or await a brown colored MACD bar to close the buy trade.
- Sell condition: the Forex pair should display a clear downward trend.
- Open a short trade when the brown colored MACD bars appears on the chart (see chart example above).
- Exit the sell trade for a fixed take profit, or await a blue colored MACD bar to close the sell trade.
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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 macd-2.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