The MACD Color Candles Indicator displays color candles corresponding to MACD bullish (green candles) / bearish (red candles) market conditions.
How to set up the MACD Color Candles indicator in MT5?
Download the MACD Color Candles.rar archive at the bottom of this post, unpack it, then copy and paste the MACD Color Candles.ex5 or MACD Color Candles.mq5 indicator files into the MQL4 folder of the MetaTrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. Find the gauge name in the Navigator, right-click it, and select Attach to the chart.
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The MACD Color Candles indicator is well worth adding to your trading collection. A good forex indicator will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your trading system based on it.
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