This trading system uses mathematics and multiple indicators on multiple timeframes to evaluate likely trades.
Using it you are effectively trading all pairs on all timeframes at once, with a single chart.
1. Setting up
To set up first open a chart and drop the indicator on to the chart. You will be presented with various options but you can just click on OK and drop the indicator on the chart.
Secondly switch to the DAILY chart, D1.
2. Finding potential trades
On the top right of the screen you will see a list of possible currencies in grey, these are those selected for trading in your Metatrader platform. When MagiTrade finds a possible trade, it will highlight the symbol e.g. EURUSD in green or red, green for buy/long or red for sell/short.
Click on the currency highlighted to switch to it’s chart.
On the top left of the screen you will see a collection of small icons, if these are nearly all red, the system is suggesting a short, green for a long.
Diamonds on the middle row mean that the system is strong in short or long as indicated.
Lastly – evaluate the chart.
Only trade into wide open spaces, don’t trade when the pair is near a top or a bottom, you need to get a one to three ratio to make a trade worthwhile.
I recommend that you place the trade and leave it alone. Set your stop using the Fibionacci levels calculated, one line below your entry and 2 lines above, giving at LEAST a 2:1 ratio win to loss, preferably 3, if you can’t do that stay out of the trade.
3. Indicator Parameters
There are no parameters to set except the format of the top left indicators.
buycolor the color of the buy indicator
sellcolor the color of the sell indicator
neutralcolor the color when a trade is flat/neutral on that timeframe
buyarrow the wingding code for buy arrows
sellarrow the wingding code for sell arrows
neutralarrow the wingding code for neutralarrow
arrowsize the size of the indicators
buyextreme the wingding code when a currency pair has gone into an extreme buy
sellextreme the wingding code when a currency pair has gone into an extreme sell
You can find the wingding codes at https://docs.mql4.com/constants/objectconstants/wingdings