The Trend Magic indicator for Metatrader 5 delivers amazing trend trading signals that work for any currency pair and time frame.
It’s composed of the Commodity Channel Index (CCI) and the Average True Range (ATR) technical indicators.
The indicator appears in the price chart as a 2 color line that never repaints its signal whatsoever.
Trend Magic buy and sell signals explained:
- A buy signal is created when the blue colored Trend Magic line gets printed on the chart.
- A sell signal is created when the red colored Trend Magic line gets printed on the chart.
The indicator contains the following inputs and parameters: chart period, CCI period, CCI price, line colors, and style.
Familiarize yourself with the Trend Magic indicator and test it first on a demo account before using it in a real trading account.
Tip: scalpers and day traders are likely to benefit the most from utilizing this trend-following tool during periods of higher market volatility.
It supports all time frames, Forex pairs, and other trade instruments supported by the MT5 charting platform.
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The following chart shows how the Trend Magic indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trend Magic Forex Indicator?
Find a simple trading strategy below:
- Open a buy trade when the blue colored signal line appears on the price chart.
- Add a stop loss to the buy position, preferred below the previous swing low zone.
- Close and reverse the buy trade as soon as the red colored signal line appears on the chart.
- Optional: exit the buy trade for a fixed pips target of your preference.
- Open a sell trade when the red colored signal line appears on the price chart.
- Add a stop loss to the sell position, preferred above the previous swing high region.
- Close and reverse the sell trade as soon as the blue colored signal line appears on the chart.
- Optional: exit the sell trade for a fixed pips target of your preference.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the trendmagic_signal.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration