The Buy Sell Magic indicator for MT4 is a complete Forex trading system for the lower time frames and consists of 2 technical indicators.
It’s highly recommended to use this system only during the more volatile trading sessions, London and US.
An green/red arrow indicator is the main signal generator of this system. Let’s take a closer look at how it works.
Chart Setup
Used indicators: buysellmagic01.mq4, buysellmagic02.mq4
Preferred time frame(s): M1, M5, M15, M30
Trading sessions: London and US session, don’t trade on holidays and before key economic news events
Currency pairs: any
Download
Download The BuySell Magic.ex4 indicator.
Example: EUR/USD M15 Chart
The figure above is an example of the indicator system in action on the 15 minute Euro/US Dollar chart.
It shows how easy it is to enter and exit trades for a profit, just follow the green buy and red sell arrows on the chart.
In this case, 4 signals were issued for a total profit of 160 pips.
Trading Rules
Buy conditions:
The Buy Sell Magic indicator paints a green arrow + screen alert = buy signal
Open buy trade. Buy Sell Magic calculates the stop-loss for you and displays it in the popup alert screen.
Alternatively, keep you stop-loss tight and place it just below the grey dotted line (support).
Trade exit (TP): (1) Set your own profit target, for example 25 pips, do not wait for an opposite trading signal issued by the buysell magic indicator. (2) Wait for an opposite trading signal (sell signal) to close the long trade.
Sell conditions:
The Buy Sell Magic indicator paints a red arrow + screen alert = sell signal
Open short trade. Buy Sell Magic calculates the stop-loss for you and displays it in the popup alert screen.
Alternatively, keep you stop-loss tight and place it just above the grey dotted line (resistance).
Trade exit (TP): (1) Set your own profit target, for example 35 pips, do not wait for an opposite trading signal issued by the buysell magic indicator. (2) Wait for an opposite trading signal (buy) to close the short trade.
How to install the Buy Sell Magic custom indicator in Metatrader 4?
- Download the buysellmagic01.mq4 and buysellmagic02.mq4 indicators to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator files in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicators to the chart.