The TMACD Divergence indicator for Metatrader 5 shows bullish and bearish divergences on the chart that occur between MACD and price.
Essentially, the indicator spots non-lagging trend reversal signals based on price divergences.
How to interpret the TMACD divergence arrows?
- A green arrow indicates a bullish trend reversal.
- A red arrow indicates a bearish trend reversal.
For scalpers and day traders, utilize this indicator during the London and American trading sessions for best trading results.
The indicator contains the following inputs and parameters: fast MA period, slow MA period, applied price, and colors.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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TMACD_Divergence.mq5 Indicator (MT5)
Chart Example
The following chart shows what the TMACD Divergence indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The TMACD Divergence Forex Indicator?
Find a simple trading example below:
Buy Signal
- The green TMACD divergence arrow is a buy signal.
- Open a long trade and place your stop loss order 3 pips below immediate support.
- Close the buy trade for a fixed profit target or hold the trade until the red arrow appears on the chart.
Sell Signal
- The red TMACD divergence arrow is a sell signal.
- Open a short trade and place your stop loss order 3 pips above immediate resistance.
- Close the sell trade for a fixed profit target or hold the trade until the green arrow appears on the chart.
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TMACD_Divergence.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the TMACD_Divergence.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration