MACD Trend Candles Indicator
MACD Trend Candles Indicator For MT4 displays the bullish and bearish price trend of multiple chart frames of forex currency pairs in the current chart
Description
The MACD trend candles indicator for MT4 displays the direction and position of MACD line with regard to the Zero line. In fact it displays this information of multiple time frames on the comments area. This helps forex trader to get the trend direction at multiple time frames at a glance. So, forex traders can stay in the general trend direction.
The indicator is easy to understand and is suitable for new and advanced forex traders. As the indicator is multi time frame it works the same on any chart. It works for a wide spectrum of traders from scalpers, short and long term traders.
MACD Trend Candles Indicator For MT4 Trade Setup
The indicator displays the time frames in different colors. If the MACD is moving upwards and is above zero line it is in Lime and if below zero line it displays in darkgreen. Similarly, if the MACD is moving downwards and is above zero a maroon text and if it’s below zero a red text is displayed.
The indicator does not provide trading signals, but it helps traders to decide the trend direction. If three consecutive time frames show a bullish trend, the traders should enter the market with a buy trade with a stop loss below the previous swing low.
Conversely, if three consecutive time frames are in red it shows a bearish trend. The indicator does not provide a profit target, so traders should exit based on a good risk reward ratio.
Conclusion
In summary, the MACD trend candles indicator for MT4 helps forex traders to identify the trend direction of multiple time frames at a glance.