MACD Double Indicator for MT4 and MT5

Written by Dominic Walsh · Published 15 Jun 2026 · Last updated 9 Sep 2026

The macd double indicator puts two readings in one pane. A quick 5, 15 and 5 set catches turns early. The standard 12, 26 and 9 set gives the slower picture. An arrow appears only when both sit on the same side, and one of them has just crossed.

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: Fast MACD, Fast Signal, Slow MACD, Slow Signal, Bull Align, Bear Align
Alerts	popup, push notification, email, sound
Inputs	14

What the MACD Double Indicator draws on the chart

Six plots share the pane.

`Fast MACD` runs deep sky blue with an orange `Fast Signal`.

`Slow MACD` runs medium orchid with a gold `Slow Signal`.

`Bull Align` uses arrow 233 in lime.

`Bear Align` uses arrow 234 in red.

A level sits at zero across the pane.

• Fast MACD: line, deep sky blue, width 2
• Fast Signal: line, orange, width 1
• Slow MACD: line, medium orchid, width 2
• Slow Signal: line, gold, width 1
• Bull Align: arrow, lime, width 2, arrow code 233
• Bear Align: arrow, red, width 2, arrow code 234

How the MACD Double Indicator calculates its values

Two calls

Both come from iMACD. `FastFastP` `5`, `FastSlowP` `15` and `FastSignalP` `5` give the quick pair. `SlowFastP` `12`, `SlowSlowP` `26` and `SlowSignalP` `9` give the standard one.

Agreement

Both must lean the same way. A bull mark needs each main line above its own signal. A bear mark needs each one below. That alone would print on every bar of a trend.

A fresh cross

So one more test applies. Either pair must have crossed on this very bar. Agreement plus a new cross is what turns a state into a single mark.

How to read the signals

The fast pair leads and the slow pair confirms.

Arrows sit at the outer of the two main lines.

A mark can come from either pair crossing.

Wide separation between the pairs means a strong leg.

Zero still marks equal averages inside each pair.

`ArrowOffsetPips` `5.0` is cosmetic only.

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

`EnableAlerts` governs the alignment alerts and arrives true with `EnablePopup` and `EnableSound`, which plays `AlertSound`. `EnablePush` reaches a phone and `EnableEmail` posts mail, both off at the start. Marks report once a bar.

Every MACD Double Indicator input

Core settings

Setting	What it does	Default
FastFastP	Fast MACD: fast EMA. Quick pair short average, `5`.	5
FastSlowP	Fast MACD: slow EMA. Quick pair long average, `15`.	15
FastSignalP	Fast MACD: signal SMA. Quick pair signal, `5`.	5
SlowFastP	Slow MACD: fast EMA. Standard pair short average, `12`.	12
SlowSlowP	Slow MACD: slow EMA. Standard pair long average, `26`.	26
SlowSignalP	Slow MACD: signal SMA. Standard pair signal, `9`.	9
AppliedPrice	Price fed to both, `PRICE_CLOSE`.	PRICE_CLOSE

Display settings

Setting	What it does	Default
ArrowOffsetPips	arrow offset in pips (cosmetic; arrows plotted on histogram value). Cosmetic mark offset, `5.0`.	5.0

Alert settings

Setting	What it does	Default
EnableAlerts	Master switch, `true`.	on
EnablePopup	(see inputs panel)	on
EnablePush	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	Cue on a mark, `true`.	on
AlertSound	(see inputs panel)	alert.wav

Settings that fit your chart

Two speeds in one pane suit a chart where trends last. EURUSD H1 is the reference chart. Marks come once or twice a day there. On M5 the quick pair crosses far too often. On H4 each mark covers a session.

When the MACD Double Indicator fails

Both pairs lag, so agreement arrives after the move starts.

The quick pair whips about in a range.

Six plots crowd one pane.

A mark says the pairs agree, never how far price runs.

Copy the compiled MACD Double 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: MACD Crossover Strategy for USDCAD on M15.

Download the MACD Double Indicator for MT4 and MT5

The zip holds the compiled MACD Double 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 is FastSlowP 15 rather than 26?

Because the quick pair is meant to turn early. Fifteen bars against a five-bar average reacts far sooner than the standard twenty-six, which is the whole reason for running a second reading in the same pane.

What makes a Bull Align arrow appear?

Both main lines sitting above their own signal, plus a cross on this bar from at least one pair. Without the cross test the condition would hold for a whole trend and print an arrow on every bar of it.

Do FastSignalP and SlowSignalP work the same way?

Yes, both are simple averages of their own main line. Only the lengths differ, five bars against nine, which is why the quick pair crosses so much more often.

Does AppliedPrice change both readings?

Yes. The one setting feeds both iMACD calls, so switching away from `PRICE_CLOSE` shifts the fast and the slow pair together. Keeping them on the same price is what makes the comparison fair.

Are results guaranteed?

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