The Mega FX Profit Indicator is highly effective in generating real-time trend reversal signals on MT4 charts. This indicator is mostly known for eliminating market noise and delivering steady signals even during highly volatile markets.
In financial trading, technical traders predominantly suffer from short-lived market momentums and false breaks at support-resistance levels. Such uncertainties of price movements are the key reasons behind blowing up the accounts of beginner-level traders.
So, even if you’ve got your own trading strategy, it’s always ideal to rely on a backup indicator that can filter your trading decision. For instance, combining trend indicators with price action strategies may help you identify highly probable trade signals.
This guide will explain how the Mega FX Profit Indicator can help you identify market bias and anticipate precise trading opportunities.
What is the Mega FX Profit Indicator?
The Mega FX Profit Indicator closely tracks the changes in price behavior and delivers immediate alerts on potential trend reversal conditions.
The indicator uses a signal curve that changes its color based on the changes in its values to signal a bullish or bearish market trend. It also includes arrows on the chart to highlight the signals.
When the mega fx profit line turns yellow, it means the indicator value has turned positive, confirming a bullish market trend. You’ll also notice a yellow arrow plotted right above the crossover zone to highlight the changes in the market trend.
During a bearish trend reversal condition, the indicator curve will turn red and move below zero, showing a negative value. It’ll also plot a red arrow signal confirming a strong downtrend.
Even though the Mega FX Profit indicator produces consistent trend signals, it may not be an ideal approach to entirely depend on its indications while making buy/sell decisions. For example, once the indicator shows a bullish trend signal, you may wait for the price to break above a significant resistance or get rejected from a support level.
Technically, you can combine the Mega FX Profit signals with candlestick patterns and price-level indicators to add greater confluence to your trading decisions.
Mega FX Profit Indicator Trading Strategy
Buy Signal
- The mega fx profit line turns yellow and exceeds the zero level.
- The indicator generates a yellow arrow confirming a bullish trend.
- The price chart prints a bullish candlestick pattern.
Sell Signal
- The mega fx profit line becomes red and drops below the zero level.
- The indicator shows a red arrow confirming a bearish trend.
- The price chart prints a bearish candlestick pattern.
Mega FX Profit Indicator Pros & Cons
Pros
- Only responds to solid changes in market trends.
- Easy to use and suits beginner-level traders.
- Supports scalping and intraday trading.
- Mergeable to any trend-following trading strategy.
- Generates sound and email alerts.
Cons
- Doesn’t allow modifications of its MT4 settings.
- Less consistent in choppy market conditions.
- Needs confirmation with other market analysis.
Conclusion
The Mega FX Profit Indicator is applicable to trade on any period and with any currency pair. This indicator is designed for intraday trading. It performs better when applied to greater timeframes such as H4 and above. MegaFXProfit is an easy-to-use indicator, so even a beginner may use it. However, I would only take signals that have been confirmed with additional market analysis such as candlestick patterns, support and resistance and other forms of technical or price action analysis. Furthermore, it is also a good idea to keep an eye on the market fundamentals such as important economic news releases before taking any decision.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
