The MACD (Moving Average Convergence / Divergence) is a momentum indicator, launched in 1979 by Gerald Appel. The MACD indicator calculates the difference between two exponential moving averages (EMA) and displays them in the form of a line. It is designed to reveal changes in the strength, direction, momentum, and duration of a trend in currency pairs price.
One of the most popular ways to trade with the MACD indicator is to look for opportunities when the MACD crosses the zero line. You can also identify emerging trends when the MACD main line crosses the signals line. If the MACD crosses above the zero line or signal line, this could be considered a bullish move. On the other hand, if the MACD crosses below the zero line or signal line, this might signal a bearish market.
What is the free MACD EA?
If you are a fan of the MACD indicator and don’t want to constantly be sifting through multiple charts and timeframes for trading signals, then this free MACD EA can be a great solution.
It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.
How does the free MACD EA work?
When the MACD EA finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the MACD EA settings.
Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.
MACD EA Trading Strategy
I have built this free MACD EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on a few different MACD trading strategies. The strategies can be set to true or false, depending on what MACD signals you wish to receive.
If you set both strategies to true, then all of the conditions will need to be met for the MACD expert advisor to send you a trading signal or place a trade. If you want to trade each strategy separately, then you can simply run the MACD EA on separate charts and choose a unique magic number for each.
MACD Zero Line Strategy
- Buy Signal: MACD main line is above 0
- Sell Signal: MACD main line is below 0
MACD Trend Strategy
- Buy Signal: MACD main line crosses above signal line
- Sell Signal: MACD main line crosses below signal line
MACD Trend and Zero Line Strategy
- Buy Signal: MACD main line is above 0 and main line is above signal line
- Sell Signal: MACD main line is below 0 and main line is below signal line
MACD EA Features
- All of the MACD EA settings are customisable
- The MACD robot can send MACD signals and trade automatically
- Includes 3 different MACD trading strategies
- Keep full control over your money management
- The MACD EA MQL4 is developed for the MT4 platform
- The MACD MT4 EA can be used on any MT4 forex broker
- The MACD EA is free to use without any restrictions at all
- Includes easy to understand setup instructions
MACD EA Settings
- Expert Name
- Pop Up Alerts
- Email Alerts
- SMS Alerts
- Days Filters
- Hours Filter
- Magic Number Buy
- Magic Number Sell
- Maximum Spread
- Maximum Slippage
- Open Orders Limit
- Use Risk
- Risk Percent
- Stop Loss
- Take Profit
- Close Opposite Signal
- Use Break Even
- Break Even Point
- Use Trailing Stop
- Trailing Gap
- Close Percent
- Minimum Lot Close
- MACD Zero Line
- MACD Trend
- Fast MACD
- Slow MACD
- MACD SMA
Conclusion: Is this free MACD EA for me?
If you are looking to get automated MACD signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.
This MACD robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.
If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.
You might also want to check out my other free forex EA’s that you can download:
- Free Bollinger Bands EA
- Free RSI EA
- Free CCI EA
- Free Moving Average EA
- Free Envelopes EA
- Free ADX EA
- Free Ichimoku EA
- Free Stochastic EA
- Free Parabolic SAR EA
If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.