Sometimes it can be difficult to understand how to use certain indicators for trades. It can be difficult to master the many lines, colors, numbers, and symbols. Forex trading is simplified by one indicator. The Buy Sell Magic indicator is what we present to you.
The Buy Sell Magic indicator is for Metatrader 4. It combines three indicators with a custom price action filter. It doesn’t have distracting bands, histograms, or lines. The only thing it comes with is non-repaint indicators that tell you when to sell or buy. It provides exit points as well as entry points. It is suitable for novice and experienced traders.
Another important point. This indicator can be used to trade lower time frames (M1,M5, M15, and M30) in London and New York sessions that are more volatile. It can be used to trade any currency pair, which is the best thing about it. It is not recommended to use the indicator during economic news or on holidays. You may be wondering how the indicator is used.
How to trade using the Buy Sell Magic Indicator
An indicator with a green arrow indicates that it is time for a long position. The screen alert will notify you when the signal is detected. The best thing about the indicator is that it calculates your stop loss automatically. You just need to complete the order. You can also place your stop loss below the grey line.
Which direction should you exit the trade from? You can set the take profit ratio at 3:1. You can also set your profit target at 50 pips. You can also wait for the indicator’s bearish signal to exit the buy trade.
If the indicator shows a red arrow, an alert and an open short position, it will display a sell signal. A suitable stop loss is also displayed in the pop-up alert. You can also set a stricter stop loss by placing it above the dotted lines. If you are unsure about how to set your own take-profit, exit the indicator when it posts a buy signal.
The Buy Sell Magic indicator for MT4 provides a great tool for technical analysis and simple trading.
The chart below shows a EUR/USD price change. The red arrow at 1.2236 is a good place to enter a sell position. Stop loss can be placed on the dotted line, which acts as resistance. A suitable buy signal is indicated by the green arrow at 1.2165. The blue dotted line serves as support and a suitable stop loss.
The Buy Sell Magic indicator is a great signal to enter both short and long positions. This indicator does not require complicated analysis. You just need to identify the red and green arrows, and then check the recommended stop loss for the alert. It’s also free. It is a good idea to add more analysis to the indicator.