MACD Color Candles Indicator » Free Forex MT5 Indicators (mq5 & ex5)

The MACD Color Candles Indicator displays color candles corresponding to MACD bullish (green candles) / bearish (red candles) market conditions.

How to set up the MACD Color Candles indicator in MT5?

Installation Guide

Download the MACD Color Candles.rar archive at the bottom of this post, unpack it, then copy and paste the MACD Color Candles.ex5 or MACD Color Candles.mq5 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 Color Candles 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.