The Xmaster Formula forex indicator for MT5 has a complex mechanism that combines moving averages, RSI, and MACD behind the scenes. But the result is a clear trade signal with BULLISH and BEARISH trend signals.
The indicator best suits new and advanced technical forex traders using any trend-following trading strategy. The indicator works well on all timeframes of intraday charts, as well as daily, weekly, and monthly charts. In addition, the Forex indicator is free to download and easy to install.
Xmaster Formula Forex Indicator For MT5 Trading Signals
The above EURUSD H1 chart shows the Xmaster formula forex indicator for MT5 in action. The indicator is placed in a separate window under the price chart. It displays BULLISH signals as a GREEN and BEARISH signals as a RED dotted line.
For best results, open a long trade when a green dotted line appears going up, indicating a strong up move. The best stop loss for this position is the previous swing low. It would help to place your take profit when the line changes direction or the red dotted line appears.
You can open a short position for a sell trade when a red dotted line appears going down. The best stop loss for this position is the previous swing high. Close this position when the line changes direction or the green dotted line appears.
The Xmaster Formula Indicator is a trend-following indicator, so it provides the best results if forex traders can trade using multiple time frames. It is in the trader’s interest to follow the trend direction of the higher time frame and determine the best entry point on the lower time frame chart.
Conclusion
The Xmaster Formula Indicator For MT5 is a trend-following indicator, providing the best results for those who follow the trend. The simplicity of the indicator with colored dots helps every trader look for less cluttered price charts. However, it would help to consider the proximity of BUY and SELL arrow trading signals to any established trend lines, support or resistance zones, and channels. Moreover, forex traders can download the indicator for free and install it easily.