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3 Color MACD

The 3 Color MACD Indicator for MT5 is an indicator that identifies trend conditions using different histogram colors. This indicator is especially useful for traders who are looking to identify short-term trends and make quick decisions in the Forex market.

 

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Description

The 3 Color MACD Indicator for MT5 is an advanced version of the popular MACD indicator available on the MetaTrader 5 platform. This version of the indicator is designed to help simplify the signal interpretation of the MACD for better trading efficiency.

The indicator consists of histogram bars of different colors to depict the bullish and bearish trend conditions of the financial market. It also has a signal line for buy/sell entry confirmation. For instance, Forex traders may open a buy or sell position if the histogram bar closes above or below the signal line.

Therefore, the 3 Color MACD indicator can be used to identify the trend direction of any financial trading instrument on the MetaTrader 5 platform. However, traders should use the indicator with price action/other technical indicators for objective trading decisions.

Features of the 3 Color MACD Indicator

  • Trend Identification: The indicator assists traders in identifying the trend of the market and potential reversal zone.
  • Color-Coded Signals: The indicator employs histogram bars with two colors to represent the different trend states of the MACD line. The dark slate blue/magenta histogram depicts the MACD line as above/below the signal line, respectively, which suggests bullish/bearish momentum. On the other hand, the signal line, colored in lime-green, determines buy and sell entries.
  • Customization: The indicator allows users to customize the inbuilt parameters to suit their trading styles.

Benefits of Using The Indicator

  • Simplified Signal interpretation: The indicator gives a visual interpretation of the market trend, making it suitable for beginners and experienced traders to understand the signal.
  • Filter False Signals: The indicator also displays a more precise trend direction signal than the traditional MACD. For instance, Forex traders may look for buying or selling opportunities when the indicator’s histogram bar turns dark slate blue or magenta, which isn’t the case with the traditional MACD with one color.

Indicator Settings Description

The indicator comes with the following customizable settings:

FastEMA: Period of the fast EMA.

SlowEMA: Period of the slow EMA.

 SignalSMA: Signal line period of the Simple Moving Average

Line: This determines how the histogram is displayed.

Zero_level: Determines the zero level.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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