3 MACD Rules - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Almost every trader has used or at least seen Gerald Appel's MACD. Taking a look at our old tip bag, we rescued a technique that some traders use/use, which is to add an extra filter to the MACD to avoid errors or weak entry signals on traditional crossovers.

We cannot recall in the material we rescued where/when the technique was created and who the author was, so if you know, please let us know and we will credit him/her appropriately.

The rules are very simple, we divided the indicator into two parts, so the user can use the first part as a starting point for trading setup (for manual trading or inserting an EA) and the second part as a visualization tool for the patterns found in the chart. We like visual cues, so we did our best in the second part so that users willing to use this indicator as part of the settings (or filters) in manual trading operations will have a visual aid when the entry point is reached.

Indicator 1 Minions.3RulesMACD_Signal can be used alone and/or inserted as an input signal or filter. It displays theoretical buy and sell signals as colored arrows on the chart.

Indicator 2 - Minions.3RulesMACD_Patterns can be added to the chart together with indicator 1 or used alone. There is no intrinsic connection between these two indicators. The indicator 2 will open in a sub-window, drawing the traditional MACD in a 2-line format (without bars), in addition to drawing the pattern of entry points in color, numbering them 1-2-3, where 3 is the climax, corresponding to the arrow in the signal indicator 1.

Hope this metric is useful to the community!

Please feel free to post bugs, comments, thoughts, and tips on what types of markets, stocks, and time frames this indicator performs well on.

Attachment download

📎 minions.3rulesmacd_signal.mq5 (9.23 KB)

📎 minions.3rulesmacd_patterns.mq5 (12.58 KB)

Source: MQL5 #21280