Trend Following Indicators, Free Forex Indicators (MT4)

Magic FX Formula Indicator V2

Magic FX Formula Indicator V2 has been created to help traders finding the correct trend and determining the right entry from the right place. This indicator has been specially designed for the newbie traders who struggle to maintain their accuracy on trend-based tradings. According to our study, this indicator suits best with shorter timeframe charts like M1 to M15 and fits great with all kind of forex currency pairs available at the market.

It is a stand-alone indicator and produces both entry and exit signals for its users. However, you can add other trend-following tools along with this indicator to create a better filter of the trade signals.

Magic FX Formula Indicator V2 Overview

Magic FX Formula Indicator V2

After installing the Indicator V2 at your Forex MT4 terminal, your trading chart will appear like the following image: 

Magic FX Formula Indicator V2 Anatomy

Magic FX Formula Indicator V2 Anatomy

  • Trend Signals: Appears as colored dots around the price bars to signal the trend status. A green dot under the price bar signals the bullish trend. On the other hand, a red dot above the price bar represents the bearish status of the current trend.
  • Trade Signal: You’ll always find this template at the top right corner of the chart. It directly signals the long or short entries in both text formats and directional arrows. A trading signal should only be considered when both Trend and Trade Signal points the same direction of price movements.

Recommended: Why Do You Need An Objective Trading Strategy?

Magic FX Formula Indicator V2: Buy Parameter

Magic FX Formula Indicator V2 Buy

  • A green Trend Signal dot appears below the price bar
  • Trade Signal displays “Buy” along with an upward arrow
  • Buy triggers when the above conditions are met
  • Set stop loss below the current swing low of the momentum
  • Exit long/take profit whenever a red color Trend Signal dot appears above the price bars

Magic FX Formula Indicator V2: Sell Parameter

Magic FX Formula Indicator V2 Sell

  • A red Trend Signal dot appears above the price bar
  • Trade Signal displays “Sell” along with a downward arrow
  • Sell triggers when the above conditions are met
  • Set stop loss above the current swing high of the momentum
  • Exit short/take profit whenever a green color Trend Signal dot appears below the price bars

 

Recommended Brokers

Share on:

I have been actively trading stocks and currencies since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund which has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

2 thoughts on “Magic FX Formula Indicator V2”

Leave a Comment

About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.