The forex market is highly promising if you arm yourself with the right knowledge, skills, and technical indicators. While there are several technical forex indicators on the market available for traders, one indicator you should look out for is the Xmaster Formula MT4 indicator. This indicator works well with any timeframe and currency pair and can generate buy and sell signals for you to take advantage of.
According to veteran traders that are conversant with the Xmaster Formula MT4 indicator, its buy/sell win rate is quite good with several traders reporting over 75% wins in most trades. This tool functions best during volatile sessions like the London and New York trading hours.
Today, we would be teaching you how to use the Xmaster Formula MT4 indicator to improve your trading strategies, skills, and ultimately make more money. At the end of this post, you’d learn more about the tool, how to install the tool, and how to use the tool.
What Is Xmaster Formula MT4 indicator?
The Xmaster Formula MT4 indicator is one of the custom technical indicators designed to be used on the MT4 trading platform. It is a buy and sell signal generator that works like magic if you know how to use it on most timeframes and currency pairs.
The Xmaster Formula MT4 indicator uses calculations based on moving averages, RSI, and MACD to generate profitable and accurate trading signals. It is suitable for scalping and trend trading – whether you are a beginner trader or an expert, the signals generated by this tool are very easy to understand and implement.
This indicator is usually displayed below your main trading chart in a separate window. It consists of red and green dots arranged in such a way that it forms waveline. While the green dots mean there is an upward movement, the red dots indicate downward movement. Also, the indicator shows big yellow arrows indicating that there is a trend change. The main signals of this tool are the big arrows.
How To Use the Xmaster Formula Forex Indicator?
There are 2 ways of using this indicator – the first is to use it in isolation; though we don’t encourage using an indicator in isolation because there is no perfect system anywhere in the world. The second way is to use it with other technical indicators like the support and resistance indicators, MACD, breakout indicator, and the gap indicator.
If you want to use the Xmaster Formula MT4 indicator in isolation, ensure you stick with the following rules:
Before you place a buy order, the following should be observed:
● Yellow arrow points upwards
● Dotted lines turn green
● Open long position and set stop loss to last swing low point
● Take profit or exit trade once you observe opposite signals or when the indicator turns red
Before you place a sell order, the following should be observed:
● Yellow arrow points downwards
● Dotted lines turn red
● Open short position and set stop loss to last swing high point.
● Take profit or exit trade once you observe opposite signals or when the indicator displays green.
NB: Regardless of how good the Xmaster Formula MT4 indicator is, we don’t advise you to use it in isolation. Always combine it with other technical indicators to make the most out of the forex market.
Installing the Xmaster Formula MT4 Indicator
Below is the process of installing the indicator on your MT4 trader:
● Download the indicator from reputable or reliable sources
● Copy-paste the indicator file into your MT4 indicator folder
● You can access your MT4 indicator folder via “file – open data folder – MQL4 – indicators.
● Once you paste the file in the right folder, restart the MT4 platform
● Select the timeframe and chart where you want to try out the indicator
● Open the custom indicator list and look out for the Xmaster Formula MT4 indicator
● Right click on the indicator and click on “attach to chart”
● If you want, you adjust the settings and press okay
● The indicator should be up and running
How to Remove the Indicator
You can remove the indicator in the following two ways:
● Right click on the indicator line and watch out for the indicator box
● Click on delete and the indicator would disappear from the chart
● Move your mouse to the middle of the chart and right click.
● A list of all the indicators attached to the chart will pop up
● Look out for the Xmaster Formula MT4 indicator
● Right click on the indicator and select delete.
● The indicator should be gone.
● Suitable for beginner traders
● Easy to install and attach to the MT4 trading platform
● Works well on all currency pairs and timeframes
● Signal accuracy is around 70%
● Perfect for intraday and swing traders
● It requires high patience so as not to use fake signals
● Not reliable when used in isolation
Final thoughts on Xmaster Formula MT4 indicator
The Xmaster Formula MT4 indicator is a great technical indicator that every serious-minded trader should have on their MT4 trading chart. It is simple to install and doesn’t need programming knowledge to understand how to read the generated buy and sell signals. While the Xmaster Formula MT4 is easy to use on any currency pair and timeframes, we encourage you to start trading with it on a demo account. It would not just grow your confidence level but will enable you to fully understand how to trade with it using a live account.
Additionally, we strongly advise that you don’t use this tool in isolation. We have more than enough technical indicators on our website for you to combine it with to maximize your profit dispositions. So look at this link for more info on that. You can combine it with Bollinger bands or the Fibonacci indicator because they are suitable when it comes to high volatility markets like the New York and London market sessions.
If you combine this indicator with any of these Indicators, there is a certainty that you will not only improve your trading strategies, your earning potentials will equally improve as you gain more hands-on trading experience.