About the Magic Grail 1.6 Forex Indicator
The Magic Grail 1.6 Forex Indicator for MetaTrader 4 is a complete trading solution that delivers precise buy and sell signals directly on the chart.
It simplifies decision-making by providing clear trading signals and a real-time dashboard.
Displayed in the main chart window, the indicator shows green arrows with “BUY” text for bullish trades and red arrows with “SELL” text for bearish trades.
The dashboard also provides account info and signal strength, giving traders additional context for their positions.
Traders can use it as a standalone system or as a filter to confirm other strategies.
Free Download
Download the “magic grail 1.6.ex4” indicator for MT4
Key Features
- Clear buy and sell signals with arrows and text on the chart
- Dashboard provides real-time account information and signal strength
- Works on any currency pair and multiple timeframes
- Can be used as a standalone system or a trend filter
- Helps identify optimal entry and exit points
- Reduces guesswork with clear, actionable signals
Indicator Chart
The chart below shows the Magic Grail 1.6 Indicator in action.
Green arrows with “BUY” indicate potential bullish trades, while red arrows with “SELL” indicate potential bearish trades.
The dashboard offers additional guidance on account info and trend strength.
Guide to Trade with Magic Grail 1.6 Indicator
Buy Rules
- Enter a buy trade when a green arrow with “BUY” text appears
- Confirm momentum with price action or trend direction if needed
- Hold the trade until a red arrow with “SELL” text signals a reversal
Sell Rules
- Enter a sell trade when a red arrow with “SELL” text appears
- Confirm momentum with price action or trend direction if needed
- Hold the trade until a green arrow with “BUY” text signals a reversal
Stop Loss
- Place a stop loss just below the low of the entry candle for buys
- Place a stop loss just above the high of the entry candle for sells
- Consider the dashboard’s signal strength when adjusting stop levels
Take Profit
- Close trades when the opposite signal arrow appears
- Use nearby support or resistance levels for partial or full exits
Practical Tips
- Use the dashboard to monitor signal strength and account info
- Trade during active market sessions for clearer signals
- Keep positions smaller during volatile periods
- Use additional confirmation tools to filter false signals
Forex Trading Strategy: Magic Grail 1.6 & 4 Moving Averages Buy/Sell Signals (MT4)
This Forex strategy combines the Magic Grail 1.6 Indicator and the 4 Moving Averages Buy/Sell Signals Indicator on MetaTrader 4 (MT4).
The Magic Grail 1.6 provides precise entry points with green arrows and “BUY” text or red arrows and “SELL” text.
The 4 MAs indicator confirms the overall trend using green bars above 0 for a buy trend and purple bars below 0 for a sell trend.
This strategy works well on M15 and H1 charts and is suitable for pairs like EUR/USD, GBP/JPY, and AUD/USD.
Buy Entry Rules
- Wait for the Magic Grail 1.6 to display a green arrow along with “BUY” text on the chart.
- Confirm that the 4 MAs Buy/Sell Signals Indicator shows green bars above 0, indicating a buy trend.
- Enter a buy position when both conditions are met.
- Set a stop loss below the recent swing low or a fixed number of pips (e.g., 20 pips).
- Set a take profit target at the next significant resistance level or aim for a 1:2 risk-to-reward ratio.
Sell Entry Rules
- Wait for the Magic Grail 1.6 to display a red arrow along with “SELL” text on the chart.
- Confirm that the 4 MAs Buy/Sell Signals Indicator shows purple bars below 0, indicating a sell trend.
- Enter a sell position when both conditions are met.
- Set a stop loss above the recent swing high or a fixed number of pips (e.g., 20 pips).
- Set a take profit target at the next significant support level or aim for a 1:2 risk-to-reward ratio.
Advantages
- Combines precise entry signals with trend confirmation for higher probability trades.
- Visual signals are easy to read, reducing decision-making time.
- Works effectively on M15 and H1 charts for intraday trading.
- Suitable for multiple major currency pairs with good liquidity.
Drawbacks
- Overreliance on indicator signals may lead to overtrading.
- Less effective on low-liquidity or exotic currency pairs.
Case Study 1: EUR/USD M15 Buy
On the EUR/USD M15 chart, a green arrow and “BUY” text appeared on the Magic Grail 1.6, and the 4 MAs indicator showed green bars above 0.
A buy position was entered at 1.1055.
Stop loss was set at 1.1035 (-20 pips) and take profit at 1.1095 (+40 pips).
The trade reached the take profit level, resulting in a +40 pips gain.
Case Study 2: GBP/JPY H1 Sell
On the GBP/JPY H1 chart, a red arrow and “SELL” text appeared on the Magic Grail 1.6, while the 4 MAs indicator displayed purple bars below 0.
A sell position was entered at 150.20.
Stop loss was set at 150.40 (+20 pips) and take profit at 149.70 (-50 pips).
The price moved down and hit the take profit level, resulting in a +50 pips profit.
Strategy Tips
- Wait for candle close confirmation before entering trades to avoid false signals from sudden spikes.
- Combine with higher timeframe trend analysis (H4 or D1) to filter trades in the direction of the main trend.
- Use trailing stops to lock in profits as the trade moves in your favor.
- Monitor multiple currency pairs and trade the ones showing the strongest trend signals.
Download Now
Download the “magic grail 1.6.ex4” indicator for Metatrader 4
FAQ
Does the indicator work on all currency pairs?
Yes. Magic Grail 1.6 is designed to function with any currency pair on MetaTrader 4.
What does the dashboard display?
It shows account-related information such as balance, equity, and signal strength. This helps traders gauge market conditions and position size.
Is this indicator suitable for scalping?
Yes. Its fast, clear signals work well for scalping on lower timeframes such as M1, M5 or M15.
How do I reduce false signals?
Confirm trades with higher timeframe trends, support/resistance levels, or other indicators. Avoid entering trades during low liquidity or high-impact news events.
Summary
The Magic Grail 1.6 Forex Indicator for MT4 offers an all-in-one trading system with clear buy and sell arrows and a real-time dashboard.
Green arrows with “BUY” signal bullish trades, while red arrows with “SELL” signal bearish trades.
It can be used as a standalone system or as a filter for other strategies.
The indicator is suitable for scalping, intraday, and swing trading, providing a clear and actionable approach to trading trends.
