Read what this one plots carefully. The macd 2 color histogram indicator draws the MACD main line itself as columns, not the usual gap between that line and its signal. Colour then comes from direction: rising against the previous bar fills lime green, falling fills crimson.
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 | Separate window (levels 0) |
| Plots | 3: MACD Up, MACD Down, MACD Raw |
| Alerts | popup |
| Inputs | 5 |
What the MACD 2 Color Histogram Indicator shows
Two histograms and a hidden buffer.
`MACD Up` fills lime green at width 2.
`MACD Down` fills crimson at the same width.
`MACD Raw` is a DRAW_NONE buffer that shows nothing.
A reference sits at zero across the pane.
No signal line gets drawn at all.
- MACD Up: histogram, lime green, width 2
- MACD Down: histogram, crimson, width 2
- MACD Raw: hidden buffer
From bar to value
The main line only
iMACD supplies it. `FastEMA` `12` less `SlowEMA` `26` on `AppliedPrice` `PRICE_CLOSE`. The `SignalSMA` `9` setting feeds the call but its output never reaches the pane.
Colour by direction
Two bars decide it. This value against the previous one. Rising fills the lime buffer, falling fills the crimson one, and only one holds a value per bar.
The hidden copy
`MACD Raw` keeps the unsplit series. Nothing draws it, but an EA reading this through iCustom gets a continuous line rather than two half-empty buffers.
What matters on screen
Column height is the main line’s own value.
Above zero the faster average inside leads.
Colour reports direction, never side.
A lime column below zero means the line is recovering.
You will not find the usual signal crossing here.
`AlertOnFlip` ships off, so the tool stays silent.
Alert channels in this build: popup, one message per closed bar.
A change of column colour is the only thing this reports, and `AlertOnFlip` ships false, so it stays silent until you switch it on. Turned on it raises a terminal message once a bar. No other route exists.
Every MACD 2 Color Histogram Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
FastEMA |
Shorter average inside the calculation, `12`. | 12 |
SlowEMA |
Longer one, `26`. | 26 |
SignalSMA |
Passed to the call but never drawn, `9`. | 9 |
AppliedPrice |
Price the averages read, `PRICE_CLOSE`. | PRICE_CLOSE |
Alert settings
| Setting | What it does | Default |
|---|---|---|
AlertOnFlip |
Speak when the colour changes, `false`. | off |
Picking a chart for it
The published periods came from daily bars and still set the pace. EURUSD H1 is the reference chart, where the colour changes several times a day. Go faster and it flickers. Go slower and each run of one colour spans a week.
The catch
Plotting the main line is not what most MACD charts show.
Colour flips on the smallest change in value.
Without a signal line there is no crossing to read.
Column height compares badly between two symbols.
Copy the compiled MACD 2 Color Histogram 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.
Download the MACD 2 Color Histogram Indicator for MT4 and MT5
The zip holds the compiled MACD 2 Color Histogram 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.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
Do the columns show the MACD line or the histogram?
The main line itself. A standard MACD histogram plots the gap between that line and its signal; here the line’s own value becomes the column, which makes the zero crossing a different event from the usual one.
What is the MACD Raw buffer for?
Reading from outside. The two visible buffers each hold values only on their own bars, so an EA calling this through iCustom would see gaps. The hidden copy carries the unsplit series instead.
Does SignalSMA 9 affect anything visible?
No. The iMACD call requires it, but only the main-line output leaves that call, so changing it leaves every drawn column exactly where it was. The signal never reaches a buffer.
Why does AlertOnFlip default to false?
Because colour changes are frequent. The flip lands on any bar where the line reverses direction, which on a fast chart happens often enough that an alert would distract more than it signals.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the MACD 2 Color Histogram Indicator as one input. Always backtest before trading live.
Category: this is part of our Oscillators collection. Also, truly, browse more Oscillators for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in Investment outsourcing on Wikipedia.
- Additional market context is at Philadelphia Indices at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.