Magic FX Formula Indicator V2 forex indicator was developed and submitted online by magicfxformula.com. It is a magnificent indicator for use by both the experienced and the beginners in Forex. Sometimes it is viewed to be to sophisticated for use but that is not the case. Firstly, it don’t make your chart to look too disorganized. It displays just the right information for the trader to do his or her trading. The chart is left clear fort the trader to be able to at least have a view of what is and has been happening in the market.
Other than giving your chart a clean appearance, it is also a tested indicator that have shown a tremendous turnaround in terms of helping traders make profits. It is among the few indicators that can guarantee you maximum consistence profit as long as you follow its signals. Actually you can depend on it to make as much as 1000 dollars a day. You don’t have to be a professional forex trader to do this. In actual fact, it is designed to help those who aren’t able to make the right descriptions of whether to sell or buy. However if you are a professional trader and still wants to go ahead and use it, you still should go ahead and use it; it will add on the profits that you are making.
When using this indicator, you don’t have to be restricted to any timeframe at all. You can use the indicator on any time frame as you want. If you are a scalper you can use the indicator on the tighter timeframes. On the other hand, if you are a long term trader, you can use this indicator to place your long term trade using the higher time frames. You
The indicator incorporates an alert methodology that includes both emails and sounds. The emails are especially helpful in case you have not logged into your trading account on the Metatrader platform. In such cases when you peruse your emails, you will be able to get the alert and you can open your trading account and trade. In case you don’t want any of this, you just click on the charts button on the top of the chart and then click on the indicators list. You then double click on the Magic FX Formula and go to the inputs tab of the drop down box that appears. Then you can change the value segment of the AlertOn and Email to false.
How to use the Magic FX Formula indicator V2 to place your trades
The Magic FX Formula indicator V2 displays red and green dots. The red dots are displayed when the trend is downwards while the green dots are displayed when the trend is upwards.
As a trader, you should place a sell when there is a red arrow pointing down accompanied by a “SELL” on top of it on the top right corner. This is shown in the figure below.
Fig.1. Magic FX Formula Indicator V2 selling signal.
In order to buy there must be a green arrow pointing up on the top right corner and a “BUY” below it. This is illustrated below.
Fig.2. Magic FX Formula Indicator V2 signal for buying.
After opening your positions, you shouuld not forget to set your stops; both stop loss and take profit.
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