MACD Candles V3 Indicator MT4

MT4 Free Download

Introduction to the MACD Candles V3 Indicator

The MACD Candles V3 Indicator was built on the code of the original MACD. This indicator was designed to help you to visualize trends and their strength on the charts. There is no need to know exactly how MACD works as the MACD Candles indicator does all the necessary calculations for you.

The MACD Candles V3 Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

See also:
Candle Time Indicator

How does it work? How to apply in trading?

Trading Rules Explanation

As you can see on the chart, when the MACD Candles V3 Indicator loaded, it overlaps the candlestick bars. You can see the green and red bars with variations in colors: dark red, normal red, dark green, and normal green. Light green candles indicate bullish conditions while light red color indicates highly bearish conditions.

Buy Signal

Follow these steps for a long trade:

Price should be bouncing from the recent support level
The color of MACD Candles V3 indicator should switch to green
Buy trade is triggered after the above conditions are met
Set stop loss a few pips below the last low swing of the market
Take profit or exit trade whenever the MACD Candles V3 indicator turns red

MACD Candles V3 Indicator Example of Buy Trade

Sell Signal

Follow these steps for a long trade:

Price should be bouncing from the recent resistance level
The color of MACD Candles V3 indicator should switch to red
Sell trade is triggered after the above conditions are met
Set stop loss a few pips above the last high swing of the market
Take profit or exit trade whenever the MACD Candles V3 indicator turns green

MACD Candles V3 Indicator Example of Sell Trade

How to set up the MACD Candles V3 indicator in MetaTrader (MT4)?

Installation Guide

Download the MACD Candles V3.rar archive at the bottom of this post, unpack it, then copy and paste the MACD Candles V3.ex4 or MACD Candles V3.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The MACD Candles V3 indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.