MACD or called Moving Average Convergence Divergence is a Trend Following momentum indicator and MACD ColorHist Alert Indicator is when looked at a lot more eye friendly with alerts.
Using MACD is one of the main Indicators for Forex trading. It is used by all Forex traders from basic up to advanced traders. It is calculated by subtracting X-days EMA from the Y-days EMA. Then the signal line is plotted on the top of the Indicator to function as a trigger for buy / sell orders.
This MACD ColorHist Alert Indicator uses alert to Alert you of your preferred Alert choices. Like crossing the 0 line in MACD or when Signal Line Crosses. Alerts can be as well sent to email if it is setup in the MetaTrader 4.
This are the available settings for MACD ColorHist Alert Indicator:
- FastEMA: Fast EMA settings
- SlowEMA: Slow EMA settings
- SignalEMA: Signal EMA settings if you dont want to use it set it to 0.
- ShowHistogram: Do you want to show Histogram?
- ShowMACDLine: Do you want to show MACD Line?
- ShowSignalLine: Do you want to show Signal Line?
- SoundAlert: Enable or Disable Sound Alerts
- EmailAlert: Enable or Disable Email Alerts
- MACDzeroLineCrossAlert: Alert if MACD crosses zero line
- MACDSignalLineCrossAlert: Alert if Signal Line crosses alert
- MACDDirectionChangeAlert: Alert if MACD changes direction
- TwoBarsDirChageConfirm: wait two bars for direction change confirmation
- ShowAlertStatus: enable and disable alert statuses
How to install MACD ColorHist Alert Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!