The Fixed Chart Scale indicator for mt4 (Metatrader 4) transforms the Forex trading chart into a fixed chart scale.
The indicator pops up in the main MT4 chart window.
The indicator itself does not provide buy or sell signals.
The Fixed Chart Scale indicator works on all currency pairs and time frames.
Free Download
Download the “fixed-chart-scale.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the Fixed Chart Scale mt4 indicator in action on the trading chart.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Chart display
Does the indicator repaint? No.
MT4 Day Trading Strategy with Fixed Chart Scale & Magic Trend Indicator
This strategy combines the visual consistency of the Fixed Chart Scale Forex Indicator with the trend signals from the Magic Trend Forex Indicator.
While the Fixed Chart Scale doesn’t generate signals itself, it ensures your price scale remains constant—helping you see moves more clearly and maintain your perspective.
The Magic Trend indicator is your signal engine: a green line signals a buy trend, and a red line signals a sell trend.
Why This Combination Works & Who It’s For
In fast intraday trading, visual clarity helps. With a locked chart scale, distortions from auto-scaling or zooming are removed.
Traders can better judge pullbacks, strength, and support/resistance levels consistently.
Meanwhile, the Magic Trend indicator gives a simple trend signal: go long when the line is green, short when it’s red.
That lets you trade in the direction of the trend with fewer distractions.
This strategy is intended for day trading on intraday timeframes such as M5, M15, or M30.
It is suited for traders who prefer fewer, higher-quality signals rather than overtrading.
You should trade during active hours (London, New York) to get volatility and momentum.
Buy Entry Rules
- Ensure your chart is using the Fixed Chart Scale indicator so that price movements are visually consistent.
- Wait for the Magic Trend line to turn green (indicating a bullish trend).
- Enter a buy order at the close of the candle where the line first becomes green (or immediately after, if confirmed).
- Set a stop loss below the recent swing low or below a key support level.
- Set take profit at a risk:reward of 1.5:1 or 2:1, or use a fixed profit target.
Sell Entry Rules
- Use the Fixed Chart Scale to maintain consistent visual scaling.
- Wait for the Magic Trend line to turn red (bearish trend).
- Enter a sell order at the close of the candle when the line turns red (if confirmed by price action).
- Put a stop loss above the recent swing high or just above the trend line’s recent peak.
- Take profit at 1.5:1 or 2:1, or use a fixed profit target.
Advantages
- Visual consistency from Fixed Chart Scale helps reduce misjudgment of moves and pullbacks.
- The Magic Trend indicator provides clear and easy-to-read trend signals (green = buy, red = sell).
- Strategy is simple and uncluttered—less noise, fewer indicators to interpret.
- Works well in trending intraday markets when trends are strong and directional.
Drawbacks
- It may lag in very fast moves or when trend changes abruptly—signals might come late.
- In sideways or range-bound markets, you may get false signals or whipsaws when the trend line flips often.
- No reversal confirmation indicator included, so wrong entries may happen without a filter.
- Requires discipline to wait for the trend line change and not jump early.
Case Study 1: EUR/USD on 15-Minute Chart
During the London session, after a period of consolidation, the Magic Trend line turned green at around 1.1350.
A buy trade was entered at 1.1353 at the close of that candle.
The recent swing low was at 1.1342, so the stop loss was placed at 1.1340 (13 pips risk).
The target was set at a 2:1 reward-to-risk ratio (26 pips), making the take profit 1.1379.
Price moved steadily upward and hit the target, netting 26 pips.
Case Study 2: GBP/USD on 5-Minute Chart
During the New York session, after a brief uptrend, the Magic Trend line turned red near 1.3100.
A sell order was placed at 1.3098 once the candle closed with the red line confirmed.
The swing high was at 1.3110, so the stop loss was placed at 1.3112 (14 pips risk).
The take profit was set to a 2:1 reward-to-risk ratio (28 pips), so TP = 1.3070.
Price dropped and reached the target, producing a profit of 28 pips.
Strategy Tips
- Always trade high-liquidity pairs (EUR/USD, GBP/USD, USD/JPY) to minimize spreads and slippage.
- Use a higher timeframe (e.g., H1) to check if the trend aligns with the Magic Trend signal—only take trades that match the higher timeframe trend.
- Avoid entering just before major news releases, as sudden reversals can cause trend line flips and false entries.
- Consider trailing your stop when the price moves favorably to lock in profits.
- Backtest different Magic Trend settings (periods, smoothing) to find what works best for your preferred pair.
This MT4 day trading strategy pairs the clarity of having a fixed chart scale (via the Fixed Chart Scale Forex Indicator) with the trend direction signaling from the Magic Trend Forex Indicator.
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Download the “fixed-chart-scale.mq4” indicator for Metatrader 4
