The MACD Signal Sniper MT4 indicator is an excellent technical indicator for short-term trading (scalping, day trading).
The indicator can be used in two ways:
- Trading the zero line color change:
The short-term trend turns bullish when the zero line its changes color from red to blue.
The short-term trend turns bearish when the zero line its changes color from blue to red.
- Scalping the MACD blue/red sniper dots
Open a scalp buy trade when the zero line is colored blue and a blue dot appears on the chart. Ignore the red colored dots.
Open a scalp sell trade when the zero line is colored red and a red dot appears on the chart. Ignore the blue colored dots.
Feel free to use this indicator together with other technical indicators or price action techniques.
Free Download
Download the “Macd averages tape 1.1.ex4” MT4 indicator
Example Chart
The EUR/USD M15 chart below displays the MACD Signal Sniper Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the MACD Signal Sniper MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the MACD Signal Sniper indicator changes its zero line color from red to blue.
In this case, the short-term trend changes from bearish to bullish.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when the MACD Signal Sniper indicator changes its zero line color from blue to red.
In this case, the short-term trend changes from bullish to bearish.
Place a stop loss above short-term resistance or use your own preferred SL method.
Download
Download the “Macd averages tape 1.1.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame to use, fast average period, slow average period, signal Ma length, show lines)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: signals
Installation
Copy and paste the Macd averages tape 1.1.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)