Trend Magic Indicator for MT4 is created from combining CCI and ATR values and to help you determine Trend.
Forex markets are either raging or Trending. In trending market you usually want to place orders with the trend. If you place order against the trend you really should know what you are doing. Since going against the trend can lead you to your SL (Stop Loss) faster then you can say StopLoss :). So in order to place orders With the trend the Trend Magic indicator can be used. With this indicator you can find if market is Bullish or Bearish but dont forget to check the confirmation candle as you do not want to jump in on the trend too early to find yourself in the wrong side of the market.
When Trend Magic Indicator turns BLUE you should consider going LONG / Bullish
When Trend Magic Indicator turns RED you should consider going SHORT / Bearish
But please be aware that do not only use this indicator to enter trades. You should use this indicator together with different indicators and strategies. It will become a much better and powerful tool when used together with other tools.
This are the available settings for Trend Magic Indicator:
How to install Trend Magic Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!