When it comes to quickly identifying Trend and power of the trend the MMA Colored Indicator for MT4 / MetaTrader 4 is the Indicator for you!
MMA Colored Indicator for MT4 is created from two Moving Average indicators where it shows the trend with a really fast view on the chart. The two Moving Averages can be setup differently so that one can be Simple mode and the other in Exponential mode. Coloring between them changes based on bullish (green) or bearish (red) trend. One good strategy is to buy/sell when PA closes inside the Moving Average1 and Moving Average2 area. Simple but yet very powerful indicator will give you great benefits when you are trading!
This are the available settings for MMA Colored Indicator:
- Fast: Moving Average-1 Period
- MODE_Fast: Moving Average-1 MA method (0: MODE_SMA, 1: MODE_EMA, 2: MODE_SMMA, 3: MODE_LWMA)
- Shift_Fast: Moving Average-1 Shift
- PRICE_Fast: Moving Average-1 Applied Price (0: PRICE_CLOSE, 1: PRICE_OPEN, 2: PRICE_HIGH, 3: PRICE_LOW, 4: PRICE_MEDIAN, 5: PRICE_TYPICAL, 6: PRICE_WEIGHTED)
- Slow: Moving Average-2 Period
- MODE_Slow: Moving Average-2 MA method (0: MODE_SMA, 1: MODE_EMA, 2: MODE_SMMA, 3: MODE_LWMA)
- Shift_Slow: Moving Average-2 Shift
- PRICE_Slow: Moving Average-2 Applied Price (0: PRICE_CLOSE, 1: PRICE_OPEN, 2: PRICE_HIGH, 3: PRICE_LOW, 4: PRICE_MEDIAN, 5: PRICE_TYPICAL, 6: PRICE_WEIGHTED)
- Up: Color when bullish trend
- Down: Color when bearish trend
- HistoWidth: Width of History lines
- Ma_1: Fast MA color
- Ma_2: Slow MA color
- LineWidth: Width of MA lines
How to install MMA Colored 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!