Introduction to MACD Divergence Scanner MT4
Welcome to the complex world of trading where nothing is ever certain and the only thing you can rely on is your trading strategy...or not. MACD Divergence Scanner MT4 is one of the many tools traders can use, but remember - a tool is only as good as the hand that wields it. But enough of philosophy, let's dive into the matter.
The MACD Divergence Scanner MT4 is an Expert Advisor (EA) created to facilitate the identification and trading of divergences in the MACD Indicator. It's made quite a buzz among some of our users, getting a full 5-star rating, with comments ranging from really well done EA, to a few demands for more features from users like m7.
Installation and Settings
Installing and setting up the MACD Divergence Scanner MT4 is quite straightforward. Download the EA from the MQL5 website, open your MT4 Terminal, go to File -> Open Data Folder -> MQL4 -> Experts and paste the downloaded file here. Close and reopen your MT4 terminal, and you'll find the EA in your navigator window.
After you've installed the EA, you can set it up by opening a new chart, going to the M1 timeframe and applying the EA to the chart.
As for the settings, much can be tweaked according to your trading style. You can adjust the MACD settings, Divergence settings, and Entry/Exit Parameters. You can also enable or disable alerts, notifications, and email alerts as per your preference.
Experience of Use
As a MQL5 developer, my experience with the MACD Divergence Scanner MT4 has been quite versatile. On one hand, it's a practical tool that can help traders to find divergence opportunities, which is a prominent trading strategy used by many.
However, no tool or strategy is without drawbacks. As one of our users pointed out, there could be improvements made, particularly when it comes to the identification of hidden divergences and notifications related to them.
Tips for Improvement
To get the most out of this EA, consider the following tips:
1. Understand MACD Divergence: This tool is based on the identification of divergences, so having a good understanding of what a divergence is and how it works is important.
2. Use on Higher Timeframes: The scanner is more effective on larger timeframes, as the quality of the divergences it identifies tends to be better.
3. Always Test: Do not use the EA straight away on a live account. Always backtest it before you decide to put it on a live account.
Source Code of MACD Divergence Scanner MT4
We don't have the original source code of this trading robot. However, you can create a similar one based on the description available on the MQL5 website. If you have any questions regarding the code, feel free to ask them.
Please note, this code example is provided by easytradingforum.com, based on the description of the MACD Divergence Scanner MT4 available on MQL5. EASY Trading Team does not sell MACD Divergence Scanner MT4.
Code:
You don't have permission to view the code content. Log in or register now.How to download MACD Divergence Scanner MT4
The MACD Divergence Scanner MT4 is available for download on the MQL5 website. Simply search for 'MACD Divergence Scanner MT4' in the search bar, select the EA, and click on the 'Buy' button to purchase and download it.
Remember, a tool's effectiveness is dependent on the hand that wields it. Happy trading!
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