Magic Dots 2 MTF Alerts Indicator

Magic Dots 2 MTF Alerts Indicator

Magic Dots 2 MTF Alerts indicator for MT4 shows multi time frame BUY and SELL forex trading signals on current price chart.

The Magic dots 2 MTF alerts indicator for MT4 is a moving average-based indicator that provides Buy and Sell dot trading signals on the price chart. Moreover, the indicator can display multi-timeframe(mtf) trading signals on the current price chart. As a result, forex traders can identify bullish and bearish market trends and trade the dot forex trading signals accordingly.
The indicator works well in all intraday price charts and the daily, weekly, and monthly price charts. The indicator is best suitable for new and advanced forex traders.

Magic Dots 2 MTF Alerts Indicator For MT4 Trading Signals

The GBPUSD M15 price chart above shows the Magic dots 2 MTF alerts indicator for MT4 in action. The indicator shows the Bullish trading signals as Blue dots and the Bearish trading signals as Red dots. And provides various types of alerts upon a BUY or SELL trading signals that can be enabled or disabled in the indicator settings.

Once the Blue dot appears on the price chart, it indicates a bullish market trend. So, forex traders can place a BUY trade with a stop loss below the previous swing low. As the indicator is a trend following one, the best take profit strategy is to exit the trade on an opposite trading signal. It enables the trader to ride the trend and maximize its benefit. However, technical traders can exit once a good risk-reward is achieved.

Similarly, the appearance of a Red dot indicates the beginning of a bearish price trend. So, forex traders should shift to applying bearish trading strategies. The best entry strategy is to SELL upon the signal with a stop loss above the previous swing high. On the other hand, traders can book profits upon an opposite dot signal or with a good risk-reward ratio.

The significant application of this indicator is to use the multi-timeframe(mtf) trading signal. Traders can apply trading signals of any other chart time frame in the current price chart. For example, traders can enable the trading signals of the H1 time frame in an M15 price chart. In this case, the signals of H1 can be further refined by traders using the M15 price charts to identify the best entry point. Effectively, the trader can apply the H1 technical trading strategy in an M15 price chart, thereby enhancing the possibility to enter and exit the markets with the best prices.

Conclusion
The best application of the Magic dots 2 MTF alerts indicator for MT4 indeed is to display the multi-timeframe (mtf) dot trading signals. New forex traders can identify and trade the signals effectively and efficiently. Additionally, traders can download the indicator for free and install it easily.