MACD Tape Oscillator MT4
- Indicators
- Eda Kaya
- Version: 1.3
MACD Tape Oscillator for MT4
The MACD Tape Oscillator for MT4 is a refined version of the traditional MACD indicator, offering traders a clearer view of trend momentum and strength. Unlike the standard MACD, this indicator highlights market direction by shifting histogram shades between light/dark blue and orange/red, allowing for easier interpretation of momentum changes.
«Indicator Installation & User Guide»
MT4 Indicator Installation | MACD Tape Oscillator MT5 | ALL Products By TradingFinderLab | Best MT4 Indicator: Refined Order Block Indicator for MT4 | Best MT4 Utility: Trade Assistant Expert TF MT4 | TP & SL Tool: Risk Reward Ratio Calculator RRR MT4 | Prop Firm Protector: Prop Draw Down Protector Expert Advisor MT4 | Money Management: Easy Trade Manager MT4
Specifications Table of the MACD Tape Oscillator
Below are the main technical details of this indicator:
Category | Oscillator – Momentum – Signal & Forecast |
Platform | MetaTrader 4 |
Skill Level | Suitable for Beginners |
Indicator Type | Continuation – Reversal |
Timeframe | Multiple Timeframes |
Trading Style | Scalping – Intraday – Swing Trading |
Trading Market | Universal (Forex, Crypto, Stocks, Indices) |
MACD Tape Oscillator Overview
One of the key strengths of this oscillator is its ability to produce reliable buy and sell signals. These signals are generated when the MACD line crosses the signal line. Arrows are drawn directly on the chart for quick interpretation: a blue arrow denotes a buy opportunity, while a yellow arrow highlights a sell setup.
Buy Signal Example
On the 1-hour BNB/USDT chart, the MACD Tape oscillator detected a bullish crossover and signaled a buy entry. The continuation of light blue bars confirmed the strength of the upward momentum.
Sell Signal Example
On the GBP/USD 30-minute chart, after detecting a bearish crossover, the oscillator marked a sell entry with a yellow arrow. The appearance of red and orange histogram bars reinforced the presence of a strong bearish trend.
MACD Tape Oscillator Settings
The customizable parameters of this tool include:
- History: Number of candles used in calculations
- TimeFrame: Current chart timeframe
- Fast/Slow: Moving average periods for MACD calculation
- Signal: Period of the signal line
- Method/SigMethod: Types of averaging used
- Price: Price source for calculation
- ShowZero / ShowLines: Toggle zero and reference lines
- ShowCross: Display crossovers between MACD and signal line
- ShowTape: Enable histogram color variation
- TapeColorUp / TapeColorUp2: Bullish histogram colors
- TapeColorDown / TapeColorDown2: Bearish histogram colors
- TapeBarsWidth: Width of histogram bars
- SIGNALBAR: Reference bar for alerts
- AlertsMessage / AlertsSound / AlertsEmail / AlertsMobile: Notification options
- SoundFile: Chosen sound for alerts
- ShowArrows: Position of trade arrows outside candles
- ARROWBAR: Reference candle for arrow plotting
- ArrUP / ArrDN: Colors for buy/sell arrows
- ArrGap: Distance between arrows and candles
- CodUP / CodDN: Symbol codes for arrows
- ArrSize: Size of the signal arrows
Conclusion
The MACD Tape Oscillator for MT4 is an effective indicator for visualizing market momentum and trend strength. By combining color-coded histograms with arrow-based trade signals, it provides traders with actionable insights and timely alerts to capture both bullish and bearish opportunities.