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- Download MACD 3 Color Indicator for MetaTrader 5 - Free - [Trading Finder]
Download MACD 3 Color Indicator for MetaTrader 5 - Free - [Trading Finder]
The MACD 3 Color Oscillator in the MetaTrader 5 platform helps identify price momentum strength and potential trend reversals.
This oscillator includes a green signal line and two sets of light purple and dark purple histograms, which are used to identify trend continuations and reversals.
Changes in histogram color and oscillations in the signal line between the positive and negative phases can signal trade entry or exit points.
Indicator Specifications Table
Category | Oscillator - Signal and Forecasting - Strength |
Platform | MetaTrader 5 |
Skill Level | Beginner |
Indicator Type | Continuation - Reversal - Lagging |
Timeframe | Multi timeframe |
Trading Style | All Styles |
Market | All Markets |
MACD 3 Color Indicator in an Uptrend
As shown in the 4-hour price chart of the NZD/USD currency pair, the change in the signal line phase and the histogram color shift from light purple to dark purple indicates a change in the trend direction.
This can serve as a potential signal to enter a buy (Long Position).
MACD 3 Color Indicator in a Downtrend
According to the 15-minute price chart of Solana (SOL), the histogram has shifted from dark purple to light purple, and the signal line has shifted from positive to negative. This suggests a downtrend, and these factors can signal a potential sell (Short Position) entry.
Indicator Settings
- Chart Theme: Indicator theme settings;
- Fast MA Period: Fast moving average period set to 12;
- Slow MA Period: Slow moving average period set to 26;
- Signal Period: Simple moving average period set to 9;
- Line Width: Oscillator line thickness set to 3.
Summary
The MACD 3 Color Indicator is a useful tool for identifying the direction and strength of a trend. The indicator provides trade entry and exit signals by using two colors for the histogram and a signal line that oscillates between positive and negative phases.
How does the MACD 3 Color Indicator generate signals?
Signals are generated when the histogram color changes along with volume, and the signal line also changes phase.
Can the MACD oscillator parameters be adjusted in MetaTrader 5?
The parameters can be adjusted, but the current settings are optimized for the best performance.