The Leader of The MACD indicator for Metatrader 5 is an improved version of the classic MACD indicator offering better trend prediction reduced lag.
It gets loaded in a dedicated chart window as a series of light-blue and rose colored clouds.
The indicator is effective for various trading styles, including scalping, day trading, and swing trading.
How to interpret this technical trading tool?
- The light-blue colored cloud above 0 indicates a bullish market trend.
- The rose colored cloud below 0 suggests a bearish market trend.
The following indicator variables and parameters can be modified: time frame, fast EMA period, slow EMA period, signal EMA period, price to use, interpolate mtf data.
The Leader of The MACD indicator does not repaint the colored clouds, ensuring the accuracy of the displayed signals.
It supports all time frames and Forex pairs.
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The picture below illustrates how the Leader of The MACD Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Leader of The MACD Indicator?
Find a simple trading strategy below:
- A buy signal is confirmed when the light-blue colored MACD cloud gets displayed in the bottom chart window.
- Initiate a buy market order and set a stop loss below the previous swing low level.
- You can exit the buy position once it reaches a predetermined pip target of your choice.
- Optional: close and reverse the buy trade when the rose colored cloud appears below 0.
- A sell signal is confirmed when the rose colored MACD cloud gets displayed in the bottom chart window.
- Initiate a sell market order and set a stop loss above the previous swing high level.
- You can exit the sell position once it reaches a predetermined pip target of your choice.
- Optional: close and reverse the sell trade when the light-blue colored cloud appears above 0.
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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 leader_of_the_macd.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