MACD Chart Points Metatrader 4 Forex Indicator
The MACD Chart Points MT4 indicator generates buy and sell trading dots directly on the main activity chart.
The buy/sell dots generated by the indicator are based on MACD.
This MACD indicator is composed of Fast EMA + Slow EMA + Signal SMA.
The indicator settings can be customized directly from the indicator’s input tab.
Blue dots suggest the trend is bullish and traders look to open a buy trade position.
Red dots suggest the trend is bearish and traders look to open a sell trade position.
This indicator can be useful for any trade style (scalping, day trading, swing trading).
The EUR/USD H1 chart below displays the MACD Chart Points forex indicator in action.
Basic Trading Signals
Signals from the MACD Chart Points are easy to interpret and goes as follows:
Buy Signal: Open buy order when a blue dot appears on the chart (bullish signal).
Sell Signal: Open sell order when a red dot appears on the chart (bearish signal).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (FastEma, SlowEma, SignalSMA) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the macd-chart-points.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)