Introduction to the MACD Histogram Multi-Color Indicator
The MACD Histogram Multi-Color Indicator shows the difference between the MACD and Signal Lines. For the calculation of the MACD line, you can choose from the usual price types. For the calculation of the Signal Line, you can choose between SMA or EMA. The histogram can be switched between single and multi-color.
The MACD Histogram Multi-Color Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below 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.
Check charts of the MACD Histogram Multi-Color Indicator in action.
These are available settings.
How to set up the MACD Histogram Multi-Color indicator in MetaTrader (MT5)?
Download the MACD Histogram MC.rar archive at the bottom of this post, unpack it, then copy and paste the MACD Histogram MC.ex5 or MACD Histogram MC.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Summary Of That Forex Indicator
The MACD Histogram Multi-Color 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 indicators to try.
Download Free Forex MT5 MACD Histogram Multi-Color Indicator
To download the MACD Histogram Multi-Color Indicator for Metatrader 5 (MT5) for free just click the button below: