McClellan Histogram EA Setup - Setting Up McClellan Histogram Expert Advisor

McClellan Histogram EA Setup - Setting Up McClellan Histogram EA - A trader can come up with an McClellan Histogram EA based on the McClellan Histogram indicator explained below.

McClellan Histogram EA rules can be combined with other Forex trading indicators to come up with other Expert Advisor Forex Robots that trade using rules based on two or more indicators combined to form a trading system.

McClellan Histogram Forex Trading Technical Analysis & McClellan Histogram Signals

The McClellan Histogram is a graphical representation of the McClellan Oscillator and its signal line. This difference between the two is plotted as a histogram.

This is an oscillator indicator, the center line is the zero cross over mark which is used to generate buy and sell signals.

McClellan Histogram - McClellan Histogram EA Setup

Forex Trading Analysis and Generating Signals

The Histogram is momentum indicator. Signals are generated using the center line cross over technique.

• Bullish signal- Above Zero
• Bearish Signal - Below Zero

There are two fundamental techniques for using this indicator to generate trading signals.

Zero-Level Crossover- When the histogram crosses above zero a buy trading signal is generated. Otherwise, when the histogram oscillator crosses below the zero a sell trading signal is generated.

Technical Analysis - McClellan Histogram EA Setup

Divergence Trading - divergence trading between this indicator and the price chart can prove to be very effective Forex trading strategy in identifying potential Forex trend reversal signals and trend continuation signals.