Guppy Multiple Moving Average Indicator for MT4 and MT5

Written by Dominic Walsh · Published 8 Jun 2026 · Last updated 18 Sep 2026

Daryl Guppy argued that one average hides more than it shows. The guppy multiple moving average indicator draws six short lines for short-term traders and six long ones for investors. What matters is not any single line but how the two groups sit against each other.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	12: Guppy S3, Guppy S5, Guppy S8, Guppy S10, Guppy S12, Guppy S15, Guppy L30, Guppy L35, Guppy L40, Guppy L45, Guppy L50, Guppy L60
Alerts	popup
Inputs	4

What each plot looks like

Twelve lines, all on the price chart.

`Guppy S3` through `Guppy S15` trace dodger blue.

`Guppy L30` through `Guppy L60` trace red.

Short periods run 3, 5, 8, 10, 12 and 15.

Long periods run 30, 35, 40, 45, 50 and 60.

Every line draws at width 1 so the groups read as bands.

• Guppy S3: line, dodger blue, width 1
• Guppy S5: line, dodger blue, width 1
• Guppy S8: line, dodger blue, width 1
• Guppy S10: line, dodger blue, width 1
• Guppy S12: line, dodger blue, width 1
• Guppy S15: line, dodger blue, width 1
• Guppy L30: line, red, width 1
• Guppy L35: line, red, width 1
• Guppy L40: line, red, width 1
• Guppy L45: line, red, width 1
• Guppy L50: line, red, width 1
• Guppy L60: line, red, width 1

What happens behind it

Twelve calls

One per line, nothing more. Each is an iMA at its own period, using `InpMAMethod` `MODE_EMA` and `InpAppliedPrice` `PRICE_CLOSE`. There is no compound logic anywhere in the file.

Why those periods

Guppy chose them to sample two behaviours. The short group is tight enough to react within days, the long group slow enough that only a real change of view moves it.

Reading the gap

The code tracks the extremes of each group. How far apart the two bands sit, and whether that distance is growing, is the whole message of the tool.

How to read what it shows

Compression in the short band means traders disagree.

A wide gap between bands means a trend with backing.

Bands crossing is the change-of-trend signal.

The short band re-testing the long one is the classic entry.

Twelve lines are meant to be read as two shapes.

`InpEnableAlerts` ships off, so the tool is silent by default.

Alert channels in this build: popup, one message per closed bar.

Separation between the two groups is what would report, and `InpEnableAlerts` ships off, so this tool stays silent until you switch it on. Turned on, it raises a terminal message. No phone, mail or audio route exists here.

Every Guppy Multiple Moving Average Indicator input

Core settings

Setting	What it does	Default
InpMAMethod	MA method (Guppy default = EMA). Averaging method for all twelve, `MODE_EMA`.	MODE_EMA
InpAppliedPrice	Applied price. Price every line reads, `PRICE_CLOSE`.	PRICE_CLOSE

Display settings

Setting	What it does	Default
InpComment	Comment label. Label text on the chart, `”Guppy MMA – 12 EMAs”`.	Guppy MMA – 12 EMAs

Alert settings

Setting	What it does	Default
InpEnableAlerts	Alert on group separation. Whether group separation reports, `false`.	off

Chart choice

Sixty bars for the slowest line means the chart has to carry real history. EURUSD H1 is the reference chart, where the long band covers two and a half days. Drop to M5 and both bands describe one session. Move to daily and it is the tool Guppy designed.

The rough edges

Twelve lines crowd a chart badly at small sizes.

Every one of them lags, and the long band heavily.

Compression says indecision, not direction.

Alerts are off by default, so it never speaks unasked.

Copy the compiled Guppy Multiple Moving Average Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Moving Average Crossover Strategy.

Download the Guppy Multiple Moving Average Indicator for MT4 and MT5

The zip holds the compiled Guppy Multiple Moving Average Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why does Guppy S3 sit beside five more short lines?

Because the spread within each group carries the information. A single pair only tells you which is above the other, while six lines show whether the traders behind them agree, which is what band compression describes.

What does the Guppy S3 to S15 band show when tight?

Agreement breaking down among short-term traders. The lines bunching says opinion has converged on a price, which typically arrives before a move rather than during one.

Can InpMAMethod be changed from EMA?

It can, and it applies to all twelve at once. Guppy specified exponential averages, so changing it departs from the original method, though a simple or weighted set still shows the same band behaviour.

Why does InpEnableAlerts ship switched off here?

Because this tool is built for reading rather than signalling. Separation between the bands changes gradually and constantly, so an alert on it would fire often without marking any moment worth acting on.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Guppy Multiple Moving Average Indicator as one input. Always backtest before trading live.