3ColorMACD Forex Indicator is a momentum based forex trading indicator used to identify the moments when the market changes the direction of its momentum. If you’re already familiar with the use of MACD, you’ll certainly find this indicator very much user-friendly and quite easier to use for real trading purposes. Newbie traders who seek a better accuracy in trading following the right momentum can count on this handy and useful indicator.
3ColorMACD Forex Indicator suits all sorts of timeframe charts within the MT4 platform. Moreover, it can be applied to trade all kinds of forex currency pairs and other financial assets within the markets.
3ColorMACD Forex Indicator Overview
Download and install the indicator at your MT4 terminal and find your trading chart like the following image:
3ColorMACD Forex Indicator Explanation
3ColorMACD Forex Indicator uses the 12,26,9 format of MACD as a default configuration but counts up to 300 price bar data in order to come to a conclusion over the market momentums. Its indicator bars turn blue and the indicator value turns positive at the same time is considered as an opportunity to go long within the bullish momentum of the market. For short opportunities, be confirmed about the bearish momentum first, wait until the indicator value turns negative and the bars turn into red color. A trade signal quite opposite to your current entry should be considered as a trade exit signal.
Also Read: FXOpen Review
3ColorMACD: Buy Parameters
- The histogram bars of the indicator turns blue
- The indicator curve carries a positive value
- Buy triggers after the above conditions are met
- Set stop loss below the low of the entry price bar
- Exit long/take profit whenever the histogram bars starts to close below the indicator curve
3ColorMACD: Sell Parameters
- The histogram bars of the indicator turns red
- The indicator curve carries a negative value
- Sell triggers after the above conditions are met
- Set stop loss above the high of the entry price bar
- Exit short/take profit whenever the histogram bars starts to close above the indicator curve
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