The Magic Grail 1.6 Forex indicator for Metatrader 4 is a complete trading system that provides buy and sell signals for any currency pair.
The indicator pops up in the main MT4 chart window in the form of buy and sell signals + additional account info in dashboard format.
Buy & Sell Trade Example
- Open a buy trade when the green arrow + “BUY” text appears on the chart.
- Open a sell trade when the red arrow + “SELL” text appears on the chart.
The Magic Grail 1.6 indicator can be used for both trade entry and exit or as a signal confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “magic grail 1.6.ex4” indicator for MT4
Indicator Chart (EUR/USD H4)
The picture below shows the Magic Grail 1.6 mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Magic Grail 1.6 Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
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: Trend
Does the indicator repaint? No.
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.
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Download the “magic grail 1.6.ex4” indicator for Metatrader 4
