MACD Tape Oscillator Download for MT5 – Free | Forex Indicator Download – MetaTrader 5 Resource

The MACD Tape indicator is designed to show the strength and direction of a trend market momentum through the color changes of the histogram.

A change in bar color from blue to red or orange indicates a change in buying and selling pressure and a possible trend reversal.

MACD Tape Oscillator Spec Sheet

The specifications of the MACD Tape indicator are as follows:

MACD Tape Indicator at a Glance

The MACD Tape Oscillator identifies the moment of crossover between the MACD line and the signal line as an entry or exit point and marks it with a colored arrow on the chart.

Blue arrows indicate potential buy positions, while yellow arrows indicate sell warnings.

Buy Signal

In the example of the USD/JPY currency pair on the 30-minute time frame, the "MACD Tape" indicator successfully identifies a bullish crossover between the MACD line and the signal line and issues a buy signal at the appropriate point.

Following this signal, the appearance of consecutive light blue histograms indicates an increase in positive momentum and the strengthening of the uptrend.

Sell ​​Signal

According to the 1-hour EUR/USD currency pair chart, the indicator issued a sell signal with a yellow arrow after identifying a bearish crossover between the MACD line and the signal line.

At the same time as this signal is given, the appearance of red and orange histograms after price movements indicates increasing selling pressure and 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: average type of signal line
• 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.

The indicator provides alerts in the form of colored arrows by analyzing crossovers between the MACD line and the signal line.