The two MACD forex signals indicator for MetaTrader4 is a convenient visual representation of the MACD on the price chart. Also added to this indicator is the signal line, although the standard MACD has one line, here we find two lines. The addition of a second signal line to the “ytg_DveMashki_ind_w_Signals” indicator is very useful.
The ytg_DveMashki_ind_w_Signals indicator pattern on the price chart forms a maroon and DarkSlateBlue colored MACD shaped bodies on the price chart, while the signal lines come in yellow and MediumTurquoise shades.
Price is said to be bullish if the DarkSlateBlue colored MACD shaped body forms below price bars. The bullish sentiment is also supported when the yellow signal line crosses the DarkSlateBlue upwards, usually below price bars.
On the other hand, price is said to be bearish if the maroon colored MACD shaped body forms above price bars with price trading beneath it. The bearish sentiment is also supported when the yellow signal line crosses the DarkSlateBlue line downwards.
The indicator has the ability to pinpoint surging short-term momentum. The inner workings of this indicator makes it easy to interpret by just anyone and can be incorporated into any short-term trading strategy. At the very basic level, this indicator can ensure traders are able to keep track of short-term direction.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (ma_1, ma_2, method, price, signal, s_method, signal, s_method, signal2, s_method2, color1, color2, color3, color4), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: pattern, support/resistance