The Magic Trend Forex indicator for Metatrader 5 is a popular trading signals tool that works for newbies and seasoned traders alike.
It uses the Commodity Channel Index and Average True Range technical indicators in its trading formula.
The indicator is displayed in the activity chart as a triple colored signal line that follows the best trend for any time frame.
Magic Trend can be used by scalpers, day traders, and swing traders in every trading session.
How does it generate buy and sell signals?
- The green colored Magic Trend signal line generates a buy trade.
- The red colored Magic Trend signal line generates a sell trade.
- The gray colored Magic Trend line is considered neutral.
The following indicator inputs and parameters can be modified: CCI period, and ATR period.
Magic Trend works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
Please make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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Magic_Trend.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Magic Trend indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Magic Trend Forex Signal Indicator?
Find a simple trading example below:
Buy Signal
- The start of the green Magic Trend signal line creates a buy signal.
- Initiate a buy order and place your stop loss 2-3 pips below the most recent support zone.
- Close the buy trade for a fixed take profit target or hold the trade until the red colored line pops up in the chart.
Sell Signal
- The start of the red Magic Trend signal line creates a sell signal.
- Initiate a sell order and place your stop loss 2-3 pips above the most recent resistance zone.
- Close the sell trade for a fixed take profit target or hold the trade until the green colored line pops up in the chart.
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Magic_Trend.mq5 Indicator (MT5)
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 Magic_Trend.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