The Xmaster formula indicator Forex description labels it as a custom technical indicator Forex traders use during the London trading session on volatile currency pairs to find profitable trading opportunities. While its precise calculation is a closely guarded secret, many agree that it combines the RSI and MACD, two of the most used technical indicators in Forex trading.
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Xmaster Formula Indicator Characteristics
The developers of the Xmaster formula indicator Forex trading tool label it a beginner-friendly custom technical indicator.
Here are the core characteristics of the Xmaster formula indicator Forex technical analysis tool:
- It is free to use, but traders must ensure to download it from a trusted source.
- Available on MT4 and MT5.
- Actionable buy and sell trading recommendations.
- No-repaint indicator.
- Traders can use it on any currency pair.
- The Xmaster formula indicator works on any timeframe but is the most reliable on the H1, H4, and D1 timeframes.
How to Use the Xmaster Formula Forex Indicator
Most traders use technical indicators, and the Xmaster formula indicator Forex tool is a custom indicator available for free online. Let us examine the Xmaster formula indicator with an introduction, pros and cons, and tips to help you determine whether you should add this custom indicator to your MT4/MT5 trading platform.
Using the Xmaster formula indicator for Forex analysis is straightforward. It creates buy and sell signals with easy-to-understand visuals. Traders can improve the outcome by using it together with other aspects of technical analysis.
Tips for Using the Xmaster Formula Forex Indicator
- Traders can use it to identify a reversal strategy, looking for support and resistance levels, buying if the trading signal's entry price is at support, and selling when it coincides with resistance.
- The Xmaster formula indicator Forex tool is also suitable for continuation strategies, buying when the signals follow the trend.
- Using it on the H1 timeframe with other technical indicators may generate the most efficient results.
Buy Rules for the Xmaster Formula MT4 Indicator
The Xmaster formula indicator Forex buy rules are simple, but traders should always consider additional aspects of technical analysis to fine-tune their strategy.
The buy rules for the Xmaster formula indicator Forex are:
- Place a market buy order when the Xmaster formula indicator Forex shows an upward yellow arrow.
- You can place your stop loss at the previous swing low level.
- Stay in the long trade until the Xmaster formula Forex shows a downward yellow arrow, or use other technical analysis and risk management means to determine your exit level.
Sell Rules for the Xmaster Formula MT4 Indicator
The Xmaster formula indicator Forex sell rules are identical to the Xmaster formula indicator Forex buy rules in reverse order.
The sell rules for the Xmaster formula indicator Forex are:
- Place a market sell order when the Xmaster formula indicator Forex shows a downward yellow arrow.
- You can place your stop loss at the previous swing high level.
- Stay in the short trade until the Xmaster formula Forex shows an upward yellow arrow, or use other technical analysis and risk management means to determine your exit level.
Using the Xmaster Formula Forex Indicator - Pros & Cons
Traders can consider the Xmaster formula indicator's pros and cons before using this custom technical indicator.
The pros of the Xmaster formula Forex indicator include the following:
- Free to use.
- Beginner-friendly
- Compatible with MT4/MT5
- Works on all currency pairs
- Works on all timeframes
The cons of the Xmaster formula Forex indicator include the following:
- Requires other technical indicators for improved trading results.
- It's not ideal for short-term trading.
- It is the most reliable during the London trading session.
- Traders must enter and manage trades manually.
Steps to Install the Xmaster Formula MT4 Indicator
The Xmaster formula indicator Forex installation is straightforward and requires the MT4 trading platform and the Xmaster formula installation file. Traders get the MT4 platform from their broker and must install it first. I cannot stress the importance of downloading the Xmaster formula indicator installation file from a trusted source to avoid viruses, Trojans, or other malicious code.
Here are the steps for installing the Xmaster formula MT4 indicator:
1. Open your MT4 trading platform.
2. Click “File,” followed by “Open Data Folder.”
3. Click “MQL4” and then “Indicators.”
4. Transfer the Xmaster formula indicator installation file into the “Indicators” folder.
5. Restart your MT4 trading platform. You should find the Xmaster formula indicator by clicking “Indicators,” followed by “Custom”.
Noteworthy:
- You must enable AutoTrading, which is swiftly done by clicking on the button in the top menu bar.
- Before MT4 can use the Xmaster formula indicator, you must apply it to the desired currency pair chart you wish to analyze.
- You can add the Xmaster formula indicator by opening a chart, then clicking “Indicators,” followed by “Custom,” and clicking “master-formula”.
Bottom Line
The Xmaster formula indicator, a custom Forex indicator, can offer traders valuable trading information during volatile trading periods on currency pairs during the London Forex trading session.
