The MACD Candles Forex Signal indicator for Metatrader 5 is an amazing buy/sell technical tool based on the MACD indicator.
The signals show up on the charts as an array of colored green and red candlesticks.
The indicator is newbie friendly and can be used by any trader, regardless of trading experience.
- A green candle is a bullish signal.
- A red candle is a bearish signal.
The following indicator inputs can be modified: MACD fast period, MACD slow period, applied price, alerts ON, show alert message, send email alerts, send push notifications.
For scalping on the lower time frames, you will achieve the best results during the London and U.S. trading sessions on the lower spread currency pairs.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames, Forex pairs and any other trade instrument.
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The following chart shows how the MACD Candles Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MACD Candles Forex Signal Indicator?
Find a simple trading example below:
- The first green colored candlestick is a buy signal.
- Execute a buy trade and set your stop loss below the most recent swing low price.
- Exit the buy trade for a fixed take profit target, or wait for the first red candlestick.
- The first red colored candlestick is a sell signal.
- Execute a sell trade and set your stop loss above the most recent swing high price.
- Exit the sell trade for a fixed take profit target, or wait for the first green candlestick.
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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 Candles.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