MACD Candles V3 Indicator
Platform: MT4 Type: Trend Last update: August 31, 2024The 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.
See also:
Candle Time Indicator
Applying these colorful macd candles in trading
As you can see on the chart, when the MACD Candles V3 is 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
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
