The on screen MACD Forex signal indicator for Metatrader 5 transforms the regular MACD indicator into a simple to use trend trading tool that appears in the main chart.
This technical tool is displayed as 3 colored MACD lines (fast EMA, slow EMA, signal) and a gray dotted line.
The indicator can be used as a simple crossover Forex system and should work for any time frame.
How to spot buy and sell trends?
- A bullish trend occurs when all colored MACD lines are sloping up.
- A bearish trend occurs when all colored MACD lines are sloping down.
The indicator contains the following inputs and parameters: fast EMA period, slow EMA period, signal period, and applied price.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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On_Screen_MACD.mq5 Indicator (MT5)
Chart Example
The following chart shows how the On Screen MACD indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The On Screen MACD Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the colored MACD signal lines are sloping up (bullish trend).
- Open a buy transaction and place your stop loss below the most recent support zone.
- Close the buy trade for a fixed take profit target, or wait for a sell signal.
Sell Signal
- A sell signal is given when the colored MACD signal lines are sloping down (bearish trend).
- Open a sell transaction and place your stop loss above the most recent resistance zone.
- Close the sell trade for a fixed take profit target, or wait for a buy signal.
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On_Screen_MACD.mq5 Indicator (MT5)
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 On_Screen_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