MACD 4Color Indicator for MT4 and MT5

Written by Dominic Walsh · Published 15 Jun 2026 · Last updated 21 Sep 2026

One colour answers one question. The macd 4color indicator asks two at once, which is why it needs four. Each column takes its shade from which side of zero it sits on and from whether it grew against the previous bar, and both lines stay drawn underneath.

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	6: Hist Rising Above, Hist Falling Above, Hist Falling Below, Hist Rising Below, MACD, Signal
Alerts	popup, push notification, email, sound
Inputs	10

Chart elements

Four histograms and two lines, in a pane.

`Hist Rising Above` fills lime at width 2.

`Hist Falling Above` fills green beside it.

`Hist Falling Below` fills red.

`Hist Rising Below` fills maroon.

`MACD` traces dodger blue and `Signal` orange.

• Hist Rising Above: histogram, lime, width 2
• Hist Falling Above: histogram, green, width 2
• Hist Falling Below: histogram, red, width 2
• Hist Rising Below: histogram, maroon, width 2
• MACD: line, dodger blue, width 2
• Signal: line, orange, width 2

How it builds its numbers

The gap itself

`FastPeriod` `12` less `SlowPeriod` `26` gives the main line, `SignalPeriod` `9` smooths it, and the histogram is the distance between those two.

The first question

Which side of zero the column sits on. Above means the main line leads its signal; below means the signal leads. That decides the warm or cool family.

The second question

Whether this column beats the previous one. Growing takes the brighter shade in its family, shrinking takes the darker one, which reads as momentum easing.

Turning output into a view

Lime is strongest: above zero and growing.

Green is above zero but shrinking.

Red is below zero and growing downward.

Maroon is below zero but recovering.

Green and maroon usually arrive before a crossing.

Both lines stay drawn for context.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

The two lines crossing is what reports, rather than a shade change. `EnableAlerts` governs it and the terminal shows a dialog already, with the mobile, mail and desktop file behind `SoundFile` all closed.

Every Macd 4Color Indicator input

Core settings

Setting	What it does	Default
FastPeriod	Quicker of the two averages, `12`.	12
SlowPeriod	The slower one, `26`.	26
SignalPeriod	Length that smooths their gap, `9`.	9
AppliedPrice	Price feeding both averages, `PRICE_CLOSE`.	PRICE_CLOSE

Alert settings

Setting	What it does	Default
EnableAlerts	Whether a line crossing speaks, `true`.	on
EnablePopup	The terminal shows a dialog, `true`.	on
EnablePushNotify	A mobile device is told too, `false`.	off
EnableEmail	The message leaves as mail, `false`.	off
EnableSound	The desktop plays a file, `false`.	off
SoundFile	Which file that is, `”alert.wav”`.	alert.wav

Getting the chart right

Appel’s periods came from daily bars and still set the pace here. EURUSD H1 is the reference chart, where the shade changes several times a day. On M5 the colours flicker. On D1 a single shade can hold for weeks.

When the Macd 4Color Indicator fails

Four shades take practice to read at speed.

The darker shades change on the smallest movement.

Three stacked averages lag whatever they measure.

Column heights compare badly between symbols.

Copy the compiled Macd 4Color 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 4Color Indicator for MT4 and MT5

The zip holds the compiled Macd 4Color 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

What separates Hist Rising Above from Hist Falling Above?

Only the slope. Each sits over the reference, so each says the main line has the lead. Lime means the gap widened against the previous bar and green means it narrowed, warning of a turn.

What does a Hist Rising Below column show?

The histogram is under zero but shorter than the previous column. The signal still has the lead, yet the gap is closing, which typically shows up before a crossing back the other way.

Why does EnableAlerts watch the crossing, not colour?

Because shades change constantly. The histogram reverses slope on almost any bar, whereas the two lines crossing is a genuine change of state and happens rarely enough to deserve a message.

Does AppliedPrice PRICE_CLOSE affect the shading?

Indirectly. It decides which price feeds both averages, so changing it moves the whole calculation and therefore every column. The four-way shading rule itself stays exactly as it was.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Macd 4Color Indicator as one input. Always backtest before trading live.