Xmaster Formula Indicator was developed by xmasterformula.com just as the name suggests, and the indicator ensures that you trade as a good forex trader. It is best for even the new Forex Beginners.
The indicator is shown on a separate chart below the main trading chart. It is responsible for displaying green and red dots arranged in a wave line form. The color dots follow the trend of the market. The indicator also displays yellow color arrows, which are usually the primary signal. The green dots show that the market prices are rising, while the red dots indicate that the market prices are on a downward trend. Another thing worth saying is that the green color dots are usually thinner than the red color dots. Therefore, there is not much wrong with the size of the green color dots, and it doesn’t mean that the trade is weak, as some traders may think.
Fig.1. The Xmaster Formula forex indicator.
From the mt4 chart above it is evident that the forex indicator leaves the main trading mt4 chart very clean and the forex trader is at liberty to and any other indicator of his will. For example, in the above chart, an ask-bid spread indicator is added to show the ask line level, the chart bid line level, and the spread of the mt4 current currency pair being traded or whose mt4 chart is opened.
The indicator is not a good choice if you use it alone. This is because the indicator gives its entry signals very sparingly and takes time before it provides another signal. Therefore if the trader meets the indicator that had given a signal four bars before, he or she may be confused about whether to place a live order or not. However, if the forex trader incorporated another indicator, it would be easier for them to know whether the signal that the Xmaster Formula forex indicator had given is still valid at whatever time you live to open the market to trade.
Placing trades if using the Xmaster Formula forex indicator alone
The trader should wait for the yellow color arrow first to appear. Then the forex trader should not wait for the next chart candles to start to form the yellow arrow displayed. Therefore you should not be too fast to place your live order immediately. A color arrow is displayed; the market chart trend at this time is usually young and tender to trust more and should be given some time to live place a trade.
The trader should place a BUY order when a yellow arrow appears facing up. On the other hand, a yellow color arrow facing down appears; the trader should place a sell order.
Example of placing an order using the Xmaster Formula indicator.
After placing the market orders, the trader should wait for an opposite signal to be given for them to close the order. That is, immediately after a color arrow facing the opposite direction is given, the forex trader should close the current open order; don’t wait to confirm the market trend in this case. However, this is not a good practice since it may give the signal too late and may lose your trade at the time. It is therefore advisable to use good take profits(TP). Don’t place stop losses(SL) if you are on the mt4 market full time; you will close the open order if the take profit(TP) is not reached and an opposite signal is given.
Read More: Pip Scazor Forex Indicator Free Download
Xmaster Formula Forex Indicator Free Download
[…] Read More: Xmaster Formula Forex Indicator Free Download […]