MACD on MT-4 Platform

Dear People,

I use the MT-4 platform for practice mostly as they sport very good charts, but have also done some trading on the Easy-Forex platform.
I have 2 problems and maybe some of you clever guys out there can give some advice:

  1. The MACD indicator on MT-4 seems to lack the SMA 9 line. On my setup there is only the one red line, probably the EMA 9 and the histogram. I have tried to get the line in question seperated and even tried to drag a SMA line from the Navigator, but with no success. How do I get this right?
  2. The charts on the Easy-forex platform as sponsored by ForexPros. They are very good, but my cursor moves like there’s jam on the screen, while MT-4 is as smooth as a baby’s “you know what”. An added advantage, of course, is that you can trade directly from the charts. Unfortunately I operate on a micro account and can not use MT-4 for trading, which would make my life a lot easier. What I have to do now is open the Easy-Forex platform as well as the MT-4 platform for their charts and jump backwards and forwards between the two to keep track of procedures. This makes it very difficult to handle. On top of that the Easy-Forex platform has on numerous occations refused to close a deal when promted with some bad results and then things get extremely hectic to manage as you may only have second or two to shut a position which originally went against you and managed at some stage to move in your favour for only a few seconds before blasting off again.
    I would greatly appreciate if someone could share some ideas with me on these.

Much ofliged
Gerrie Venter

I’d attach the custom MACD indicator I use onto this post if I knew how, but in any case I found my proper MACD by using google - I’ve pretty much found every indicator I’ve wanted with google

Edit: I forgot I could just post the code - hope it turns out right

//±-----------------------------------------------------------------+
//| Custom MACD+OsMA.mq4 |
//| Copyright © 2004, MetaQuotes Software Corp. |
//| MetaTrader 5 Trading Platform / MetaQuotes Software Corp. |
//±-----------------------------------------------------------------+
#property copyright “Copyright © 2004, MetaQuotes Software Corp.”
#property link “http://www.metaquotes.net/
//---- indicator settings
#property indicator_separate_window
#property indicator_buffers 3
#property indicator_color1 Silver
#property indicator_color2 Red
#property indicator_color3 Silver
//---- indicator parameters
extern int FastEMA=12;
extern int SlowEMA=26;
extern int SignalSMA=9;
//---- indicator buffers
double ind_buffer1[];
double ind_buffer2[];
double ind_buffer3[];
//±-----------------------------------------------------------------+
//| Custom indicator initialization function |
//±-----------------------------------------------------------------+
int init()
{
//---- drawing settings
SetIndexStyle(0,DRAW_LINE,STYLE_SOLID,1);
SetIndexStyle(1,DRAW_LINE,STYLE_SOLID,1);
SetIndexStyle(2,DRAW_HISTOGRAM,STYLE_SOLID,1);
SetIndexDrawBegin(1,SignalSMA);
IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS)+1);
//---- indicator buffers mapping
if(!SetIndexBuffer(0,ind_buffer1) && !SetIndexBuffer(1,ind_buffer2) && !SetIndexBuffer(2,ind_buffer3))
Print(“cannot set indicator buffers!”);
//---- name for DataWindow and indicator subwindow label
IndicatorShortName(“MACD(”+FastEMA+","+SlowEMA+","+SignalSMA+")");
SetIndexLabel(0,“MACD”);
SetIndexLabel(1,“Signal”);
SetIndexLabel(2,“OsMA”);
//---- initialization done
return(0);
}
//±-----------------------------------------------------------------+
//| Moving Averages Convergence/Divergence |
//±-----------------------------------------------------------------+
int start()
{
int limit;
int counted_bars=IndicatorCounted();
//---- check for possible errors
if(counted_bars<0) return(-1);
//---- last counted bar will be recounted
if(counted_bars>0) counted_bars–;
limit=Bars-counted_bars;
//---- macd counted in the 1-st buffer
for(int i=0; i<limit; i++)
ind_buffer1[i]=iMA(NULL,0,FastEMA,0,MODE_EMA,PRICE_CLOSE,i)-iMA(NULL,0,SlowEMA,0,MODE_EMA,PRICE_CLOSE,i);
//---- signal line counted in the 2-nd buffer
for(i=0; i<limit; i++)
ind_buffer2[i]=iMAOnArray(ind_buffer1,Bars,SignalSMA,0,MODE_SMA,i);
for(i=0; i<limit; i++)
ind_buffer3[i]=iOsMA(NULL,0,FastEMA,SlowEMA,SignalSMA,PRICE_CLOSE,i);
//---- done
return(0);
}

Gerrie, I dont think the above code will work for you as it is designed for the MT5 platform, and you mentioned that you use the MT4 platform.

Unfortunately I operate on a micro account and can not use MT-4 for trading

Why is that? You can also trade on a Mini account using the MT4 platform. I know FXCM and Markets.com, to name a few, that offer standard and mini accounts.

I have also at one stage used just the MT4 platform for its graphs and a different platform to open trades, it was not “lekker” to do so. I now only use the MT4 platform.

The MACD indicator on MT-4 seems to lack the SMA 9 line

I dont know if that is accurate. The MACD indicator that I have on my MT4 platform comes standard with the platform. The line is the 9 SMA, and if you use your “artistic” abilities, you will see that the outer part of the histogram also forms a line. So the 9 SMA and the outer histogram line both form 2 moving averages that cross eachother. The histogram is based and formned by the following 2 settings: 12 EMA and 26 EMA. All these settings are standard and can be changed by clicking on the indicators’ properties option and then clicking on the “input” button.

Dear Kwyjib, Much obliged (notice I spelled it correct this time) for you assistance. It’s nice to now somewhere out there are unselfish souls that’s prepared to share knowledge with you. I will let you know what happens. It all looks a lot complicated. Did you also when starting up to be a trader, run into what seems to be unsurmountable obstacles to get of the ground. Some days you just feel like kicking it all out the window and become a beach bum!
Thanks
Gerrie Venter

Dear mrmoleman, “Lekker” to hear from somebody nearby. I live in Rooihuiskraal, Centurion so we are not far apart. Maybe we should get together sometime and share our experiences. Thank you very much for your trouble to offer your kind advice on these matters. I was told by my financial advisor at Easy-Forex that there is a limited amount required to operate on the MT-4 platform. I will approach him again about that. The edges of the histogram, as you say, forms a line which can be used to plot entries and exits. It would be only very helpful if there were a line which could make it clearer. My imagination and my artistic capabilities unfortunately died at birth. But the struggle will continue unabated.
Warm regards,
Gerrie Venter

Dear Kwyjibo, I had a look at the MT-5 and actually downloaded it. Unfortunately the MACD was no improvement on the MT-4. Also the EUR/JPY pair is not available and to top it all the Terminal facility also dissapeared. So I promply deleted it. Untill such time as a solution is available I will “struggle” on with the MT-4. At least I know the MACD is unreliable and rather concentrate on other indicators.
Thanks a lot for your help!
Gerrie Venter

I don’t use MT5, never have.

I use that custom MACD indicator on MT4. Even though it says MT5 on the code, it works fine all the same on MT4

Dear mrmoleman, On advice from Kryjibo, I downloaded the MT-5 platform, but it offers no improvement. In fact the EUR/JPY does not feature which is the one I try to specialise in. Jumping from pair to pair is only confusing so I try to stick to this one. So I’m back on the MT-4. Lets hope I can make it work. At least I know I can not depend much on the MACD so I look at other indicators with greater attention.
Thanks again for you advice.
Lekker trading (Have you made some money yet?)
Gerrie Venter

Maybe we should get together sometime and share our experiences

Yeah sounds good, I enjoy sharing what I have learned.

I was told by my financial advisor at Easy-Forex that there is a limited amount required to operate on the MT-4 platform

Well that depends which broker you want to open an account with. I dont have accounts with FXCM or Markets.com but if memory serves correct I think you only need a $100 to open a mini account with them… I stand to be corrected. My advice would be is to check out both brokers and ask some questions via email. I trade with FXDD, as far as I know they only offer standard accounts.

My imagination and my artistic capabilities unfortunately died at birth

LOL! And i thought all people from the north are artistic!

EUR/JPY does not feature which is the one I try to specialise in

It is good that you try and focus only on one pair at the moment, it is interesting that you focus on EURJPY though, why is that?

(Have you made some money yet?)

Well I have been trading for the last 3 to 4 years now. I have made some beginner errors and learned along the way. I have lost and made some money, all and all Id say Im at a breakeven level. I have for the last year only opted to trade on demo accounts until I can successfully double the accounts. This year I have only been profitable, so things seem to be going well for me to open up a real account soon, but time will tell. The key thing for me is to operate the demo account as if it is a real account.