The MACD Elder Impulse Max indicator for Metatrader 4 is a free improved version of the traditional MACD Forex indicator.
The indicator appears in a separate MT4 chart window in the form of a colored MACD with a blue signal line.
Buy & Sell Trade Example
- A buy trade should be opened as soon as the first green MACD bar appears above the 0.00 level. The trend is now considered bullish.
- A sell trade should be opened as soon as the first red MACD bar appears below the 0.00 level. The trend is now considered bearish.
The MACD Elder Impulse Max indicator can be used as a standalone trading tool for both trade entries and exits.
It can also be used as an additional buy/sell signals indicator that works together with an existing trading strategy or system of your preference.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “MACD-Elder-Impulse-Max.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the MACD Elder Impulse Max mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with the MACD Elder Impulse Max 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.
Forex Scalping Strategy for M1 and M5 Charts
This scalping strategy combines the MACD Elder Impulse Max and the Best Forex Scalping Indicator on MetaTrader 4 (MT4) for short-term trading on M1 and M5 timeframes.
The MACD Elder Impulse Max identifies trend direction, while the Best Forex Scalping Indicator provides precise entry signals.
Buy Entry Rules
- Ensure the MACD Elder Impulse Max histogram is above 0, indicating a bullish trend.
- Wait for the Best Forex Scalping Indicator to display a blue arrow, signaling a buy opportunity.
- Enter a buy position at the close of the candlestick that confirms the blue arrow.
- Set a stop loss just below the recent swing low or a fixed number of pips, depending on your risk tolerance.
- Set a take profit target using a risk-to-reward ratio of at least 1:2, or exit when the MACD histogram turns below 0 or the Best Forex Scalping Indicator shows a red arrow.
Sell Entry Rules
- Ensure the MACD Elder Impulse Max histogram is below 0, indicating a bearish trend.
- Wait for the Best Forex Scalping Indicator to display a red arrow, signaling a sell opportunity.
- Enter a sell position at the close of the candlestick that confirms the red arrow.
- Set a stop loss just above the recent swing high or a fixed number of pips.
- Set a take profit target using a risk-to-reward ratio of at least 1:2, or exit when the MACD histogram turns above 0 or the Best Forex Scalping Indicator shows a blue arrow.
Advantages
- Combines trend direction with precise entry signals for higher probability trades.
- Works effectively on M1 and M5 timeframes for quick scalping opportunities.
- Reduces false signals by using two complementary indicators.
- Clear entry and exit points help in maintaining discipline and consistency.
Drawbacks
- Requires active monitoring of charts, which may not be suitable for all traders.
- Frequent trading can lead to higher transaction costs due to spreads and commissions.
Case Study 1: EUR/USD M1 Buy
On the EUR/USD M1 chart, the MACD Elder Impulse Max histogram was above 0, indicating a bullish trend.
A blue arrow appeared from the Best Forex Scalping Indicator, signaling a buy opportunity.
A buy position was entered at the close of the confirming candlestick.
The price moved upward, hitting the take profit target within the session, resulting in a gain of +5 pips.
Case Study 2: GBP/USD M5 Sell
During the London session on GBP/USD M5, the MACD Elder Impulse Max histogram was below 0, indicating a bearish trend.
A red arrow appeared from the Best Forex Scalping Indicator, signaling a sell opportunity.
A sell position was entered at the close of the confirming candlestick.
The price declined steadily and reached the take profit level within the session, resulting in a +10 pips profit.
Strategy Tips
- Use M1 and M5 charts for quick scalping opportunities.
- Focus on major currency pairs like EUR/USD, GBP/USD, and USD/JPY for better liquidity.
- Always apply proper risk management with stop losses and take profit targets.
- Test the strategy on a demo account before going live.
- Consider trading during active market sessions, such as the London and New York overlap, for higher volatility.
By combining the MACD Elder Impulse Max and the Best Forex Scalping Indicator, traders can develop a robust MT4 scalping strategy that leverages both trend direction and momentum for high-probability trades on M1 and M5 timeframes.
Download Now
Download the “MACD-Elder-Impulse-Max.mq4” indicator for Metatrader 4
