MACD Chart Points Indicator
MT4 Free DownloadIntroduction to the MACD Chart Points Indicator
The MACD Chart Points Indicator is a custom forex tool that displays buy/sell dots as trading signals.
As the name suggests, these signals are based on the Moving Average Convergence Divergence.
The indicator is displayed directly on the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Must-see: Visual MACD Indicator
How does it work? How to apply in trading?
Trading Rules Explanation
Buy Entry: Open long trade, when the MACD Chart Points indicator shows a blue dot and the triggering candle has closed. Place your stop loss a few pips below last swing low.
Sell Entry: Open short trade, when the MACD Chart Points indicator shows a red dot and the triggering candle has closed. Place your stop loss a few pips above last swing high.
Exit Trade / Take Profit: Close your open position when the opposite signal appears, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
How to set up the MACD Chart Points indicator in MT4?
Installation Guide
Copy and paste the macd-chart-points.mq4 or macd-chart-points.ex4 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, that 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.
Free Download
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Bottom Line
The MACD Chart Points indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
