This indicator is based on MACD.
You can use the following MT4 indicator (attached bellow) named MACD Trader to check instantly what the 2 MACD signals are saying and receive alerts whenever a crossover occurs for up to ten currencies with a click of a button.
Using the indicator above you can tell
-What the MACD Line has been in relation to 0 (x-axis) for the last 4 periods Up (MACD vs 0=↑) or Down (MACD vs 0=↓) and decide if you want to take -the trade at that moment based on this.
-What the MACD Line has been in relation to its MA Signal for the last 4 periods Up (MACD vs Signal=↑) or Down (MACD vs Signal =↓) and decide if you want to take -the trade at that moment.
-What the last market price was where the MACD line has crossed the 0 line (x-axis).
-What the last market price was where the MACD line has crossed its MA Signal.
– How many pips (to the buy/sell signal direction) has the market moved when the MACD line has crossed the 0 line (x-axis)
– How many pips has the market moved (to the buy/sell signal direction) when the MACD line has crossed its MA Signal.
-Notified by a detailed alert (optional) whenever a crossover occurs either between the MACD Line and the 0 Line or with its MA Signal and hence an immediate trade opportunities arises.
↗ for buying
↘ for selling
You can attach this indicator to several charts each time selecting different timeframes, and parameters for the MACD . You will receive an alert each time a crossover has occurred which informs you at which currency pair has occurred the timeframe and the MACD properties.
When you attach the indicator to the chart you get the following options
Fast_EMA : Averaging period for calculation of the Faster Moving Average
Slow_EMA : Averaging period for calculation of the Slower Moving Average
Signal_SMA : Averaging period for calculation of the MACD signal
Note that the long period value needs to be greater than the short
Alerts: Whether Alerts to be displayed when a crossover has occurred
Currency #: Which currency pair to be analysed at position #
Currency #_Alerts: Whether Alerts to be displayed for the particular currency pair
This indicator is also available in Multi Time Frames Version. Check it out here MACD Trader Multi Time Frame Version