How to Add McClellan Histogram on MT4 Charts - Adding MT4 McClellan Histogram Indicator
Step 1: Open Navigator Window Panel on Forex Software
Open Navigator window as shown & displayed below: Go to "View" menu (click on it), then choose "Navigator" window panel (click), or From Standard ToolBar click "Navigator" button or press key-board short cut keys "Ctrl+N"
On Navigator panel, select 'Indicators', (Double-Click)
How Do I Add McClellan Histogram Technical Indicator on MT4 - MT4 McClellan Histogram Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding McClellan Histogram MT4 Indicator
Expand the menu by pressing the expand(+) button marker (+) or doubleclick the "indicators" menu, after this the button will appear as (-) and will now display a list as shown below - select the McClellan Histogram chart indicator from this list of indicators so that to add the McClellan Histogram indicator to the chart.
How Do I Add McClellan Histogram Trading Indicator - From the Above window you can then place McClellan Histogram indicator that you as a trader want on the chart
How to Add Custom McClellan Histogram Trading Indicator to MT4
If the indicator you as a trader want to add is a custom indicator - for example if the McClellan Histogram technical indicator you want to add is a custom indicator you will need to first add this custom McClellan Histogram indicator on the MetaTrader 4 platform & then compile custom McClellan Histogram indicator so that the newly added McClellan Histogram custom indicator pops up on the list of custom indicators in MT4 platform.
To learn how to install McClellan Histogram indicators on MT4, how to add McClellan Histogram indicator panel to MT4 and how to add McClellan Histogram custom indicator in MT4 - How to add a custom McClellan Histogram indicator in MT4.
About McClellan Histogram Technical Indicator Described
McClellan Histogram Analysis & McClellan Histogram Signals
The McClellan Histogram is a graphical representation of the McClellan Oscillator & its signal line. This difference between the two is plotted as a histogram.
This is an oscillator trading indicator, the center line is zero cross over mark which is used to generate buy and sell signals.
McClellan Histogram
Technical Analysis & Generating Signals
Histogram is momentum trading indicator. Signals are generated using the center-line crossover trading strategy.
- Bullish signal- Above Zero
- Bearish Signal - Below Zero
There are two fundamental techniques for using this trading indicator to generate trading signals.
Zero-Level Cross-over - When the histogram crosses above zero mark a buy trade signal gets generated. Otherwise, when the histogram oscillator crosses below zero a sell signal gets generated.
Technical Analysis in FX
Divergence Trading - divergence between this trading indicator & the price chart can prove to be very effective Forex strategy in spotting potential trend reversal signals and trend continuation signals.
There are several types of Divergence Forex Trading Signals:
Trend Reversal Signals - Classic Divergence Trading Setup Signals
- Classic Bullish Divergence Setup Signals - Lower lows on price chart & higher lows in the McClellan Histogram
- Classic Bearish Divergence Trading Setup Signals - Higher highs on price chart and lower highs in the McClellan Histogram
Trend Continuation Signals - Hidden Divergence Setup Signal
- Hidden Bullish Divergence Trading Setup Signals- Lower lows in McClellan Histogram & higher lows in price chart
- Hidden Bearish Divergence Setup Signals- Higher highs in McClellan Histogram & lower highs in price chart
To Learn more about divergence navigate to the divergence topic on this site
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