MACD Tape Oscillator for MT4 Download – Free – [TradingFinder]

The MACD Tape indicator, an enhanced version of the classic MACD indicator, displays the strength of trend and market momentum more clearly.

This trading tool identifies the strength of the current market flow by changing histogram colors from light and dark blue to red and orange.

Specifications Table of the MACD Tape Oscillator

The table below includes the specifications of the MACD Tape indicator:

MACD Tape Indicator at a Glance

One of the capabilities of the MACD Tape oscillator is issuing valid buy and sell signals. This tool generates trading signals based on the crossover of the "MACD" line with the signal line.

Entry signals are marked with arrow indicators in different colors; a blue arrow indicates a buy position, while a yellow arrow warns of a sell position.

Buy Signal

According to the 1-hour Binance Coin (BNB) chart, the MACD Tape oscillator detected line crossovers and issued a buy signal at the correct position.

In addition, the continuous formation of light blue histograms shows the strength of the bullish trend.

Sell Signal

Based on the GBP/USD pair 30-minute chart, after detecting line crossovers, the indicator issued a sell signal using a yellow arrow.

In this condition, the presence of red and orange histograms confirms the strength of the bearish trend.

MACD Tape Indicator Settings

The settings of the MACD Tape oscillator are as follows:

• History: Number of candles analyzed by the indicator
• TimeFrame: Current chart timeframe
• Fast: Period of fast-moving average
• Slow: Period of the slow-moving average
• Signal: Calculation period of the signal line
• Method: Type of averaging for MACD calculation
• SigMethod: Type of averaging for signal line
• Price: Price type for calculations
• ShowZero: Zero line in oscillator
• ShowLines: Reference lines in histogram
• ShowCross: MACD line crossover with signal line
• ShowTape: Histogram color bands
• TapeColorUp: Initial bullish histogram color
• TapeColorUp2: Strong bullish histogram color
• TapeColorDown: Initial bearish bar color
• TapeColorDown2: Strong bearish bar color
• TapeBarsWidth: Histogram bar width
• SIGNALBAR: Reference candle for signal generation
• AlertsMessage: Text alerts
• AlertsSound: Sound alerts
• AlertsEmail: Email alert
• AlertsMobile: Mobile alerts
• SoundFile: Audio file for alerts
• ShowArrows: Signal arrow position outside candle
• ARROWBAR: Reference candle for signal arrow drawing
• ArrUP: Buy arrow color
• ArrDN: Sell arrow color
• ArrGap: Vertical distance between arrow and candle
• CodUP: Buy arrow symbol code
• CodDN: Sell arrow symbol code
• ArrSize: Signaling arrow size

Conclusion

The MACD Tape oscillator is a practical tool in technical analysis that displays market momentum changes through colored histograms.

In addition, this trading tool issues alerts in the form of colored arrows by considering the crossover of the MACD line and the signal line, to provide trading opportunities.