What is the MTF MACD Bars Indicator for MT4?
The MTF MACD Bars indicator is a moving average channel (MACD) hand designed to identify a currency’s price’s short-term momentum and strength. It plots the difference between two smoothed lines: the 12-day running average value of the MACD and the underlying instrument’s value at a given time point.
Download the Free MTF MACD Bars Indicator
When the MACD line is above the MACD bars line, a currency’s price rises and has positive momentum. In contrast, a downtrend in the MTF MACD Bars indicator suggests that the currency’s price is weakening and has a negative rate. When the MTF MACD Bars indicator is rising, a currency’s price is gaining momentum, while when it is falling, this signals that a currency’s price is losing momentum. The MTF MACD Bars indicator can identify short-term trends in currencies’ prices.
How to use the MTF MACD Bars Indicator for MT4?
Using this indicator effectively helps in identifying price reversals, as well as identifying possible long-term trends in a given currency pair. It is also helpful in calculating the average directional movements of a currency pair based on recent data.
MTF MACD Bars Indicator MT4 trading settings
The MTF MACD Bars indicator is composed of two moving averages: one on the left side of the hand, which is used to calculate the short-term momentum (the faster of the two moving averages), and another on the right side of the hand, which is used to calculate the long-term rate (the slower of the two moving averages).
The indicator also contains a signal line, plotted as a blue line above and below a yellow cable representing the midpoint of the divergences/convergences between the shorter and longer moving averages. Any movement outside this zone indicates that there may be an opportunity to take profits or initiate new positions in a currency pair.
MTF MACD Bars Indicator Advantages
The MTF MACD bars provide an easy way to quickly see how an asset’s price movement responds to market fluctuations. This can be useful for determining when to enter or exit positions in a given market. Additionally, it can help traders form more informed long-term investment strategies.
MTF MACD Bars Indicator Disadvantages
One disadvantage of the MTF MACD is that it can be challenging to understand and interpret. This can make it difficult to use as a trading tool. Another disadvantage is that the MTF MACD is prone to momentum effects, leading to false signals and wrong trading decisions.
The MTF MACD is a valuable indicator for identifying trends in a currency’s price but should not be used as the basis for trading decisions.
Indicator installation on MT4
The MTF MACD Bars Indicator is a custom technical analysis tool for the MetaTrader 4 (MT4) trading platform. It displays the MACD (Moving Average Convergence Divergence) histogram in a different format and timeframe than the standard MACD indicator.
To install the MTF MACD Bars Indicator on MT4, you can follow these steps:
- Download the indicator file (.ex4 or .mq4) from a reputable source or developer.
- Open the MT4 trading platform on your computer.
- Click on the “File” menu in the top left corner of the platform and select “Open Data Folder.”
- In the Data Folder, open the “MQL4” folder and the “Indicators” folder.
- Copy the downloaded indicator file into the “Indicators” folder.
- Close and restart the MT4 trading platform.
- Open a chart for the financial instrument you want to trade.
- Locate the “Navigator” panel on the left-hand side of the platform, and find the “Indicators” folder.
- Expand the “Indicators” folder; you should see the MTF MACD Bars Indicator listed.
- Drag and drop the MTF MACD Bars Indicator onto the chart.
- In the pop-up window, configure the input parameters for the indicator, such as the timeframe and colors.
- Click “OK” to apply the indicator to the chart.
The MTF MACD Bars Indicator should now be visible on the chart, and it will start displaying the MACD histogram in a different format and timeframe than the standard MACD indicator. The indicator can help you identify potential trend reversals and momentum changes. Still, it should be used with other technical and fundamental analysis tools to make informed trading decisions.
MTF MACD Bars Indicator mt4 free download
In this article, we have introduced the MTF MACD Bars Indicator. This indicator is designed to provide a different viewing of the MACD histogram. By displaying the histogram in a timeframe and format other than the standard MACD indicator, it can help you identify potential trend reversals and momentum changes.