The MACD Overlay Forex indicator for Metatrader 5 transforms the classic MACD indicator into an easy to trade buy and sell technical tool.
The overlay indicator appears as green/light-brown/red colored MACD candles on the main chart screen.
How to spot buy & sell signals with it?
- A green colored candle is a buy signal.
- A red colored candle is a sell signal.
- A light-brown candle is neutral.
For scalpers and day traders, the MACD Overlay Forex indicator produces the best results during the most volatile trading sessions.
The indicator includes the following inputs and parameters: data MACD compare mode, MACD fast EMA period, MACD slow EMA period, period signal line, applied price.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the MACD Overlay indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MACD Overlay Forex Indicator?
Find a simple trading example below:
- The first green colored MACD overlay candle is your buy entry (see chart example above).
- Open a buy transaction and place your stop loss below the most recent swing low price.
- Close the buy trade for a fixed profit target of your preference, or wait for a sell signal.
- The first red colored MACD overlay candle is your sell entry.
- Open a sell transaction and place your stop loss above the most recent swing high price.
- Close the sell trade for a fixed profit target of your preference, or wait for a buy signal.
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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_Overlay.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