Magic FX Formula is a universal forex trading indicator that is very simple to use on any currency pair and timeframe. This indicator has been developed for both beginners traders and more advanced traders to keep their good trading accuracy. After having a deeper look at that indicator it looks like its effectiveness is high with small timeframes like M5 or M15, therefore it suits best for scalping trading style during trending market conditions.
You can use Magic FX Formula as a standalone trading tool or you can apply to your favorite proven trading system.
How to trade with Magic FX Formula?
Open long trade with Magic FX Formula when the following conditions are met:
- Identify the uptrending market;
- A green Trend Signal dot appears;
- Trade Signal displays “Buy” along with an upward arrow in the right top corner of the chart;
- Set stop loss below the recent swing low;
- Take profit when the opposite signal occurs (red color Trend Signal dot appears).
Open sell trade with Magic FX Formula when the following conditions are met:
- Identify the downtrending market;
- A red Trend Signal dot appears;
- Trade Signal displays “Sell” along with an downwardward arrow in the right top corner of the chart;
- Set stop loss below the recent swing high;
- Take profit when the opposite signal occurs (green color Trend Signal dot appears).
In the archives you will find the following files:
- Magic Fx Formula.ex4
- Magic Fx Formula.mq4
- Magic Fx Formula.tpl (template file)
- Magic Fx Formula Manual.pdf (user manual)
How to install the Magic FX Formula Indicator on your Metatrader 4 trading platform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Magic FX Formula indicator file into following folder of your Metatrader 4 platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on magic-fx-formula.mq4 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
Magic FX Formula Indicator Free Download
To download the Magic FX Formula Indicator for Metatrader 4 (MT4) for free just click the button below: