Xmaster Formula Indicator MT5

MT5 Free Download

Introduction to the Xmaster Formula Indicator

The Xmaster Formula Indicator has gained a lot of popularity. The original indicator was, however, released only for the MT4 platform and the market was missing a version for MT5.

Luckily, the wait is over – hereby, we present the Xmaster Formula indicator for MT5.

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.

Closer look on the Xmaster Formula Indicator

If you are familiar with the original Xmaster Formula indicator, then you will probably notice that at the first glance that tool looks slightly different.

The bi-color signal line is the main element of the gauge and it consists of dashes (the original one was made of dots and had arrows).

When the line is green, it means the trend-momentum is considered bullish. Conversely, the red line suggests a bearish movement.

There are also short periods o blank space and which means temporal market indecision.

Xmaster Formula Indicator Anatomy

The indicator has two settings inputs: bars to analyze and xmaster period. The first one is obvious, so let’s focus on the second one.

By changing the xmaster period input, indicator sensitivity is changed. Higher values mean less sensitivity.

For example, when it’s set to 10, the indicator has high sensitivity and trading signals are mostly suited for scalping. On the other hand, a value of 100 would give longer-term signals for swing trading.

Xmaster Formula Indicator Settings

Xmaster Formula Indicator: Buy Signal

Follow these steps for a long trade:

The color of the signal line changes from red to green
Optionally, a blank period occurred before the change
Candle after the color changed closes
Buy trade is now triggered
Set stop loss a few pips below the most recent market low
Take profit after an opposite signal happens or use your own method of trade exit

Xmaster Formula Indicator Buy Trade Example

Xmaster Formula Indicator: Sell Signal

Follow these steps for a short trade:

The color of the signal line changes from green to red
Optionally, a blank period occurred before the change
Candle after the color changed closes
Sell trade is now triggered
Set stop loss a few pips above the most recent market high
Take profit after an opposite signal happens or use your own method of trade exit

Xmaster Formula Indicator Sell Trade Example

How to set up the Xmaster Formula indicator in MetaTrader (MT5)?

Installation Guide

Download the Xmaster Formula.rar archive at the bottom of this post, unpack it, then copy and paste the Xmaster Formula.ex5 or Xmaster Formula.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL5 > Indicators (paste here).

Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Xmaster Formula Indicator in MT5 Trading Platform Navigator

Summary Of That Forex Indicator

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. Don’t forget that we still have more great free forex MT4 indicators to download and try.