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How to set up the MACD indicator in MetaTrader 4

This guide shows you how to set up the moving average convergence divergence (MACD) indicator in MetaTrader 4.

After reading this tutorial, you will be able to:

  • Add MACD and set its parameters
  • Change the MACD settings
  • Remove MACD
This guide assumes that you have opened a chart.

Before you can use the MACD within MetaTrader 4, you must add the customized MACD we use on our lessons to the software. You will therefore have to download this version of MACD here:

  • http://d2xoovv6q3xrk6.cloudfront.net/file/51b088ed5c2b94580d000132/MACD.zip

To add MACD to your MetaTrader 4:

1. Copy the MACD files.

2. Open the data folder

3. Open MQL4

4. Open the indicators folder

5. Paste the files.

How to set the MACD parameters

  1. Click Insert and move your mouse over Indicators and Custom
  2. Click Customized MACD

How to set the common MACD parameters

 

After you have completed the step above, the settings menu appears.

Most indicators can be controlled by several common parameters.

There are two types of parameters:

  • Calculations of the indicator: e.g. the number of time periods used for the MACD (you do not need to worry too much about this in the beginning)
  • Visuals of an indicator: e.g. how it will look, the colour and thickness of the lines, etc.

How to change the MACD settings at a later time

To change the settings of the MACD indicator directly on the chart at a later date:

  1. Right-click the MACD - you will have to be exactly on the line of the indicator to get the options menu.
  2. Choose MACD-2 (13,17,9) - the numbers 13, 17 and 9 refer to the number of time periods the indicator bases its calculations on and you can change these depending on your preference.

The parameter menu appears again where you can change the indicator.

How to delete the MACD indicator

To delete MACD:

  1. Right-click the indicator that you want to delete - you will have to be exactly on the line of the indicator to get the menu shown below
  2. Click Delete Indicator

As shown below, MACD has now disappeared from the chart.