MTF MACD Scalper: A Game-Changer for MetaTrader 4

Hey fellow traders!

I want to kick things off by clarifying that I didn’t create the iMACD indicator myself. All the nitty-gritty details are tucked away in the file I found online.

Now, my version of the indicator hooks into iMACD using the iCustom function to get its calculations rolling. Initially, I thought the built-in MACD wouldn’t cut it for my needs, but in hindsight, it might’ve been a viable option.

As it stands, this indicator is set up to display only on the M5 chart. There’s some commentary in the code that can be removed, allowing it to analyze 3-4 timeframes above the current chart for MACD alignment. Currently, it’s fixed to M5, H1, H4, and D.

The concept is inspired by a Forex education company (which I won’t name), and I wanted to see if their theory could turn into a “no-brainer” trading system. If you slap the indicator onto your chart and don’t see any gold circles popping up, don’t sweat it! They’re a rare sight, and you might need to scroll back a bit to spot them.

The idea is that you want the market trending across all timeframes to ensure a high-probability trade. But, if my calculations are off, this might not hold true—no holy grail here, folks!

This indicator marks an entry point with a gold circle on the bar you should use to get into a trade. If you’re going short, the circle sits on top of the bar, and for long positions, it’s at the bottom. It’s technically a circle with a star, but you can’t really make out the star because it’s so tiny!

So, this is my third indicator, and I’m excited to share it with you all. I’m open to your thoughts—good or bad—so feel free to drop a comment!

Cheers,

Colin

Update V2.1: I’ve pulled this version as it didn’t quite live up to expectations, but some improvements made their way into 2.2:

You can now change the indicator’s color.
The indicator now only considers the next 3 higher timeframes; the previous 4 was yielding very few results.
If your chart timeframe is higher than M30, no indicator will show. This tweak was meant to enhance scalping.
Numerous code optimizations mean the indicator runs smoother and is easier to navigate.
Checks if the price is above or below the 50 EMA, showing short positions when below and long when above. This helps cut down on whipsaws and trades against the trend.

Update 2.2: Thanks to your feedback, I made some quick adjustments:

Reverted to checking fixed higher timeframes; you can now set the higher timeframes in the indicator variables. This means you can analyze M1, M5, M15, and M30 while keeping in sync with H1, H4, and D if you stick to the default settings. This combo seems to deliver the best results.
All MACD variables are now adjustable in the indicator settings, allowing you to tailor the MACD values for each timeframe. Default values keep them uniform, but I’m keeping an eye out for feedback on this!

Update 2.3:

The indicator now only displays trade entry points.
I added an alert to notify you when alignment occurs.
The price check for the 50 EMA has been removed.

Update 2.4: I’m planning to introduce:

Additional filtering on entries to help eliminate whipsaws by checking if the MACD histogram is falling.
An extra buffer to display arrows for short and long entries.

MTF MACD Scalper: A Game-Changer for MetaTrader 4

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