The ZigZag MACD Candle indicator for Metatrader 5 follows the trend and delivers easy-to-follow buy and sell trading signals.
By merging the ZigZag and MACD, this indicator enhances the prediction of currency trends and minimizes delays.
This tool is particularly advantageous for scalpers and day traders who engage in trend-based trading.
How can you identify trend direction using the ZigZag MACD Candle indicator?
- Sea-green colored candles indicate a buy trend.
- Magenta-colored candles suggest a sell trend.
The indicator includes several inputs and parameters, such as MACD settings, zigzag settings, colors, and more.
Becoming familiar with this technical indicator and thoroughly testing it on a demo account for an extended period is advisable.
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The picture below illustrates what the ZigZag MACD Candle indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The ZigZag MACD Candle Indicator?
Find a simple trading strategy below:
- A buy signal is generated when the first sea-green colored candle gets displayed on the chart.
- Open a buy trade and place a stop loss below short-term support.
- Close the buy trade for 10-25 pips potential profit.
- Alternatively: await a sell signal to close the buy trade.
- A sell signal is generated when the first magenta-colored candle gets displayed on the chart.
- Open a sell trade and set a stop loss above short-term resistance.
- Close the sell trade for 10-25 pips potential profit.
- Alternatively: await a buy signal to close the sell trade.
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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 zig-zag-macd-candle.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 on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration