The BBMACD with Alerts Forex trading system for MT4 provides buy & sell signals that can be used for both trend entry and exit.
It’s a trend-following system that will draw buy & sell signals with alerts on the main trading chart.
In essence, this trading system consists of Bollinger Bands and MACD and the trade logic goes as follows:
The Bollinger Bands will provide trend direction and MACD will pinpoint trade entries.
Strategy Setup & Recommendations
Indicators (MT4) : bb-omacd-nrp-mtf-alerts-labels.mq4 (default settings)
Currency pairs: works on any currency pair + Gold
Time frames: works on any time frame
Trade style: any
Trading Platform: Metatrader 4
Chart Example (USD/JPY H1)
After you downloaded and installed the BBMACD With Alerts Forex system on the MT4 trading platform, it should look like the image as shown below.
System Buy & Sell Rules:
- A buy signal is given when the green arrow + buy alert appears on the chart.
- Place stop loss just below support.
- Exit the buy trade at a predetermined profit target or simply wait for an opposite sell trading signal.
- A sell signal is given when the red arrow + sell alert appears on the chart.
- Place stop loss just above the upper pink channel band.
- Exit the sell trade at a predetermined profit target or simply wait for an opposite buy trading signal.
How to install this Forex system in Metatrader 4?
Then, install the technical indicators as follows:
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the downloaded indicators in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicators to the chart.
Now you are ready to start using this trading system!
About the bb-omacd-nrp-mtf-alerts-labels.mq4 indicator (MT4)
This popular technical indicator combines Bollinger Bands and MACD.
Input variables: Time frame, fast oma period, fast oma price, slow oma period, slow oma price, length, interpolate, alerts, alerts notify, alerts email, arrows
Feel free to combine this trading system with other technical indicators or with price action.
Explore and experiment with the indicator’s different inputs and settings to create your own personalized strategy setup.