MACD Tape Oscillator Download for MT4 – Free | Forex Indicator Download – MetaTrader 4 Resources

MACD Tape Indicator, a classic enhanced version of the MACD indicator , shows the strength of the trend and market momentum more clearly.

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

MACD Tape Oscillator Spec Sheet

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

MACD Tape Indicator at a Glance

One of the functions of the MACD Tape Oscillator is to generate valid buy and sell signals. The tool generates trading signals "MACD" line and signal line based on intersection points.

Entry signals are marked with arrow indicators of different colors; blue arrows indicate buy positions, while yellow arrows warn of sell positions.

Buy Signal

According to the Binance Coin (BNB) 1 hour chart, the MACD Tape Oscillator detected a line crossover and issued a buy signal at the right location.

In addition, the continuously forming light blue histogram shows the strength of the bullish trend.

Sell ​​Signal

According to the 30-minute chart of the GBP/USD currency pair, the indicator uses yellow arrows to issue a sell signal after detecting a line crossover.

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

MACD Tape Indicator Settings

The settings for the MACD tape oscillator are as follows:

• History: number of candles analyzed by the indicator
• TimeFrame: current chart time range
• Fast: Fast moving average period
• Slow: The period of the slow moving average
• Signal: Period calculation of signal line
• Method: Average type of MACD calculation
• SigMethod: signal line average type
• Price: price type used for calculation
• ShowZero: Zero line in oscillator
• ShowLines: Reference lines in the histogram
• ShowCross: MACD line crosses the signal line
• ShowTape: Histogram ribbon
• TapeColorUp: Initial bullish histogram color
• TapeColorUp2: Strongly bullish histogram color
• TapeColorDown: initial bearish bar color
• TapeColorDown2: Strong bearish bar color
• TapeBarsWidth: Histogram bar width
• SIGNALBAR: Reference candle used for signal generation
• AlertsMessage: Text alerts
• AlertsSound: Sound alerts
• AlertsEmail: Email alert
• AlertsMobile: Mobile alerts
• SoundFile: alarm audio file
• ShowArrows: Signal arrow position outside the candle
• ARROWBAR: reference candle for drawing signal arrow
• 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: signal arrow size

Conclusion

The MACD Tape Oscillator is a practical tool for technical analysis showing market momentum changes through a colored histogram.

Furthermore, this trading tool generates alerts in the form of colored arrows by considering MACD lines and MACD line crossovers. signal line , providing trading opportunities.