This indicator is another variation of MACD oscillator. The difference between the classic MACD and Tape MACD is that Tape MACD is plotted by only a single line. When it turns to green, that means the currency pair will rise and when it turns to red, that means the currency pair will fall.
Keep in mind that you should adjust the variables when you apply this indicator to different currency pairs. There is no one single magic number to show you the best results.
How to Trade With Tape MACD:
Buy Signal: Wait for Color MACD EMA bar to turn to green.
Tape MACD MT5 Indicator
Sell Signal: Wait for Color MACD EMA bar to turn to red.