MTF MACD Scalper - MetaTrader 4 Script | Trading Script Download - MT4/MT5 Resources

First of all, I am not the author of iMACD. All the details are contained in the file, as I found on the internet.

My indicator calls iMACD via iCustom function to perform its calculations. I initially thought the built-in MACD wouldn't give me what I wanted, but in hindsight it can be used.

Currently, in the current configuration, the indicator only appears on the M5 chart. Their is commenting inside the code which can be taken out, and it will parse 3-4 time periods higher than the current chart period for alignment on the MACD. Currently it is fixed at M5, H1, H4, D.

This is based on a theory put forward by a Forex education company whose name I am not going to mention here. I wanted to see if this theory worked and I could make the trading system a "no brainer". If when you first put the indicator onto the chart, if you do not see any gold circles appear, well do not despair, they do not happen very often. You may need to scroll back some distance to see them.

In theory, you want the market trend to be consistent across all time periods to ensure high probability trades. Unless my calculations are wrong, this does not work :( No holy grail here…

This indicator works by placing a golden circle on the bar, which you can use as an activator to enter a trade. The golden circle is at the top of the short-term bar and at the bottom of the long-term bar. The golden circle is actually a circle with a star inside it, but it's too small to see the star clearly :)

This is the third indicator I’ve written about and the first I’ve shared. So if you have any comments (good or bad) please feel free to let me know.

Update V2.1 - Removed this version as it was more of a let down than an improvement, text left here as some of the improvements were carried through to 2.2

1) The color of the indicator can be changed

2) The indicator now only looks at the next 3 higher time zones, 4 time zones means it has almost no results.

3) If your chart is higher than M30 then no indicator will display. Again using results above M30 results in very few trades being displayed. This is also to help reselling.

4) Many code optimizations, meaning the indicator runs faster and is easier to read and follow.

5) Check if the price is above and below the 50 EMA, if the price is below it will only show short positions, if it is above it will show long positions. Eliminates many counter-trend trades and counter-trend trades.

Update 2.2 - thanks to people pointing out that 2.1 was worse, so another quick update

1) Removed checks for the 3 higher time zones and returns to checking for a fixed upper time range. However, if you need it now, you can set a higher time frame in the indicator variable. This means you can look at m1, m5, m15, m30 and if you stick to the defaults they will show all results consistent with H1, H4, D. This seems to be the best outcome.

2) Put all MACD variables into indicator variables so that you can set the appropriate MACD value for each time zone. I think it might work better if M1 has a longer time variable than H1 etc. The default value makes them all the same. My quick attempts at this so far show that it doesn't make it any more efficient. I'll leave this question aside for now and see if anyone else can offer some advice on this.

1) Only trade entries of the indicator are displayed

2) Added alert displayed when alignment occurs

3) Removed price checks above and below 50 EMA

Update 2.4 - To be introduced

1) Perform additional filtering on entry to try to eliminate whipsaws by checking if the MACD historical indicator is declining.

2) Extra buffer for displaying arrows for short and long entries.

Attachment download

📎 iMACD.mq4 (3.13 KB)

📎 Sniper_Tools_v2_2.mq4 (5.63 KB)

📎 Sniper_Tools_v2_3.mq4 (6.35 KB)

📎 Sniper_Tools_v2.mq4 (4.93 KB)

Source: MQL5 #10297