Introduction to the Xmaster Formula MT4 Indicator 2020
The Xmaster Formula Indicator is very popular trend-following forex indicator. Traders around the world appreciate the simplicity and accuracy of the provided trading signals. One of the main advantages of the Xmaster Formula is its capability of demonstrating trend direction and the strength of that trend – all at the same time. Both beginners and advanced forex traders will find the Xmaster Formula very useful and profitable when executed properly. By some, this gauge is also called Xmaster Formula MT4 Indicator 2020, but in fact, it is one and the same tool.
The Xmaster Formula Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How does it work? How to apply in trading?
Trading Rules Explanation
The Xmaster Formula Forex Indicator consists of two elements: an oscillator and buy/sell arrows. The oscillator is made of a dotted line that takes green color when the trend is considered bullish or alternatively takes red color when the trend is considered bearish. The upward/downward arrows are plotted as confirmation signals for the market entries. When the oscillator values are increasing, it means the trend is strengthening.
Follow these steps for a long trade:
- The oscillator of Xmaster Formula turns green
- It should be followed by the upward arrow as bullish trend confirmation
- Open buy trade after both conditions are met
- Set stop loss few pips below the last swing low point
- Take profit or exit trade when the Xmaster Formula turns red color or bearish trend arrow appears. You can also use your own method of trade exit
Follow these steps for a short trade:
- The oscillator of Xmaster Formula turns red
- It should be followed by the downward arrow as bearish trend confirmation
- Open sell trade after both conditions are met
- Set stop loss above last swing high point
- Take profit or exit trade when the Xmaster Formula turns green color or bullish trend arrow appears. You can also use your own method of trade exit
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Xmaster Formula indicator in MT4?
Download the Xmaster Formula.rar archive at the bottom of this post, unpack it, then copy and paste the Xmaster Formula.ex4 or Xmaster Formula.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Xmaster Formula indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 Xmaster Formula Indicator
To download the Xmaster Formula indicator for Metatrader 4 (MT4) for free just click the button below: