Price gets four numbers per bar and an indicator usually gets one. The macd candles indicator closes that gap: it works out an open, a high, a low and a close for the reading itself, then draws the pane as candle bodies coloured by which way each one finished.
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 Bull, MACD Bear, MACD Line |
| Alerts | popup, push notification, email, sound |
| Inputs | 10 |
What appears on the chart
Two histograms and a line, in a pane.
`MACD Bull` fills lime at width 3.
`MACD Bear` fills tomato at the same width.
`MACD Line` traces gold at width 1.
A reference sits at zero across the pane.
Each body spans that group’s own high and low.
- MACD Bull: histogram, lime, width 3
- MACD Bear: histogram, tomato, width 3
- MACD Line: line, gold, width 1
What the file computes
The reading
`FastPeriod` `12` less `SlowPeriod` `26`, with `SignalPeriod` `9` completing the standard set. Only the main line feeds the candle construction that follows.
Building a candle
`CandleBars` `1` sets how many bars go into one body. The group’s first value becomes its open and its last becomes the close, while the extremes across the group draw the wicks.
Colouring it
A close at or above the open fills lime, and below fills tomato. That is a comparison inside the group, not a comparison against the previous one.
What the output means
Candle bodies show the reading’s own range.
Long wicks mean the value swung inside the group.
Gold traces the closing value of each group.
Grouping more bars makes fewer, larger candles.
A zero crossing is what it reports.
Warm-up needs about forty bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Crossing the zero reference is what reports here, not a change of body colour. `EnableAlerts` decides whether it speaks with a dialog already opening, while the handset, mail and `EnableSoundAlert` routes stay closed.
Every MACD Candles Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
FastPeriod |
Shorter average, `12`. | 12 |
SlowPeriod |
Longer one, `26`. | 26 |
SignalPeriod |
Standard smoothing length, `9`. | 9 |
CandleBars |
bars per MACD candle group. Bars grouped into one body, `1`. | 1 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Whether a zero crossing speaks, `true`. | on |
EnablePopup |
A dialog opens on screen, `true`. | on |
EnablePushNotify |
A handset hears about it, `false`. | off |
EnableEmail |
Mail carries the message, `false`. | off |
EnableSoundAlert |
The desktop sounds it, `false`. | off |
SoundFile |
Which sound, `”alert.wav”`. | alert.wav |
What to load it on
Drawing the reading as candles helps most where it swings within a bar. EURUSD H1 is the reference chart, where a zero crossing comes every few days. On M5 the bodies are tiny. On H4 each one covers a session’s worth of movement.
Where it breaks down
A candle body is still a lagging reading underneath.
Grouping bars hides the detail inside each group.
Zero crossings arrive well after price turns.
Body heights compare badly between two symbols.
Copy the compiled MACD Candles 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 Candles Indicator for MT4 and MT5
The zip holds the compiled MACD Candles 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
What does CandleBars 1 group together?
One chart bar per body at the default, so each candle describes a single bar’s reading. Raising it groups several, producing fewer and larger bodies that smooth the pane without changing the calculation.
Where do the CandleBars wicks come from?
The highest and lowest value the reading took inside the group. At the default of one bar those extremes sit close to the body, and they open out as soon as you group more bars.
What makes a MACD Bull body?
The group closing at or above where it opened. That is a comparison within the group itself, so a lime body can still sit well below zero while the reading remains negative overall.
Why not report a MACD Bull colour change?
Because body colour flips on almost any bar. The zero crossing marks the two underlying averages changing places, which is a real change of state and happens rarely enough to be worth a message.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the MACD Candles Indicator as one input. Always backtest before trading live.
Category: this is part of our Oscillators collection. Browse more Oscillators for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- For background on this concept, see Lit pool on Wikipedia.
- For broader market context, see Stockcharts High Low Percent 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.