Tips to Use Xmaster Formula Forex Indicator
All you need is to keep an eye on the lines colored red and green. The red color is associated with buying while the green color is a selling signal (see the image below). If you do not like these particular colors, you can change them in the indicator's settings along with the color of the area.
When using the tool, you will need to follow the two basic rules: the Sell and the Buy rule.
Buy Rules for Xmaster Formula MT4 Indicator
The initial version of the indicator does not provide full access to its parameters and codes. Here are some baseline Sell rules you need to follow when using this type of indicator:
- "Buy" when both arrows point down simultaneously.
- "Buy" in case the price chart comes up with a solid bearish candle.
- Use points above the signal candle height to place stop-losses.
- Make the price difference every time the arrow turns yellow or consider the resistance support.
Sell for Xmaster Formula MT4 Indicator
And here are some baseline tips to follow the Sell rule:
- "Sell" when the indicator turns green.
- "Sell" when the indicator and the arrow point up simultaneously.
- "Sell" in case the price chart comes up with a solid bullish candle.
- Use points below the signal bar to place stop-losses.
- Make the price difference every time the arrow points down and the indicator turns red or considers the resistance support.
As you can see, the indicator is pretty simple. It does not require special skills to read the chart. But, as we mentioned earlier, it does not work as a stand-alone indicator. It can be used together with Bollinger bands or Fibonacci to add flexibility and use it during not only London but also New York sessions.
Before we discuss the way to download Xmaster Formula MT4 Indicator and integrate it with your trading platform, let's highlight some of the key pros and cons.
- Ease of use.
- Good for beginners.
- Works for major currency pairs.
- Around 70% of signals really work.
- Can be adapted to any trading strategy.
- The signal itself rarely occurs.
- It requires discipline and patience.
- Fake signals might also take place.
Make sure you have a signal confirmation before taking an action on the market. The key obstacle traders may come across is the fact that the indicator is not integrated with the MetaTrader 4 on default. You will need to install and download it manually. However, the process is very simple, especially when you have all the major steps by your side.
Steps to Install Xmaster Formula MT4 Indicator
First of all, you need to download the setup file beforehand and run the indicator installation. To complete the procedure, you will need to:
- Find the XMaster indicator at the trustworthy website and download the installation file.
- Run the MT4 platform.
- Choose File – Open Data Folder – MQL4 – Indicators.
- Transfer the Xmaster installation file to the folder inside the indicator.
- Restart the MT4 platform and check if the indicator is available in the Indicators custom section.
We have prepared a brief Xmaster formula installation tutorial, watch and install:
If you plan to use it along with the trading chart, you will need to attach it as well letting you use it within any timeframe and for any currency pair without switching between different screens. To add Xmaster Formula MT4 Indicator to your trading charts, you need to:
- Find its shortcut in the navigator window (custom indicator menu).
- Double click on the window.
- Configure settings in accordance with your preferences.
As we found out, the indicator is very easy to use by both beginners and experienced traders. It boasts a high percentage of signals that work although they may occur pretty seldom. Besides, if you decide to use the signal, you need to be very patient and have a signal confirmation every time you are about to take action. Whatever you do, make sure you use Xmaster Formula MT4 Indicator only together with other indicators to customize your trading strategy.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.