The Magic Trend Indicator MT4 is a trend indicator for MetaTrader 4 and is designed to indicate the general direction of a trend. A colored trendline on the main chart indicates the current market trend. Green signals an uptrend, and red indicates a downtrend. When the trendline is yellow, the market is ranging or lacks a defined trend. This indicator relies on the Commodity Channel Index (CCI) and Average True Range (ATR) to determine the market trend direction. The CCI compares the current price with its historical average. Meanwhile, the ATR shows the average price variation as a price volatility indicator. The indicator’s CCI and ATR settings are customizable. Thus, it becomes an invaluable asset for traders aiming to identify market trends.
This indicator is suitable for traders of all skill levels and across all time frames. Its versatility extends to trading multiple currency pairs within any forex trading system or strategy, to identify the general direction of a trend.
Indicator Settings
How to Install Magic Trend Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
