MT Forex Indicator is an indicator for the Metatrader 4 platform. It promises a win rate of 86% and works on all pairs and timeframes. The vendor also claims that there are currently more than 4300 individuals using this indicator for their trading operations.
MT Forex Indicator is sold on the My EA Academy website where the vendor has highlighted the main features and explained in brief how the indicator functions. We have instructions on how to install the system, and there is a video showing its live trading operation. The presentation is a bit too brief, and a lot of important data is missing.
The company behind this indicator is SinryAdvice, which is based in Malaysia. We have the official address for the company headquarters, along with the email address. The vendor has also shared the social media handles for YouTube, Facebook, and Instagram. Other indicators built by this developer include Scalp Pro Indicator and SFI Indicator.
The dearth of information regarding this indicator does not make us feel too confident about investing in it. There are no links to live trading accounts and the vendor has not explained the trading strategy properly. As such, it fails to make a great first impression and we don’t think this is a trustworthy indicator.
You need to pay $39 to purchase this indicator, which is pretty standard, compared to other indicators on the market. The vendor claims that this is a discounted price, with the original one being $60, but this could be a marketing tactic or luring in buyers. There is a refund policy in place for this indicator, but you only have 14 days to ask for a refund, which is quite inconvenient. Most vendors provide 30-60 day money-back guarantees, so we are too impressed with this.
|Scalping, Day Trading, Swing Trading
|Recommended Min. Deposit
MT Forex Indicator generates signals for all Forex pairs and timeframes on MT4. These are non-repainting signals with arrows showing the entry and exit prices. The vendor provides an installation and setup guide with this product. When there is a trading opportunity, you get an email notification and a sound alert.
After completing your purchase, you can download the software immediately. You need to add the .ex4 file to the MT4 indicator folder. When you add it to the chart, you will be able to see the buy and sell signals. To get the activation key for the software license, you need to send the account number for the live and demo accounts to [email protected].
This is an indicator that analyzes the trend and price action. According to the vendor, it is most suitable for Swing Trading, Day Trading, and Scalping. In other words, long-term traders would not have much success with this indicator. The vendor does not explain any of the strategies used by the indicator, which is quite disappointing and any traders might take this as a red flag.
Backtests are important for Forex automated trading systems or EAs. EA vendors test their strategies on historical data to see whether their systems are resistant to unfavorable market conditions. Since MT Forex Indicator is not an expert advisor, there are backtesting results for it.
However, it is imperative for the vendor to share the verified trading statistics for an indicator. Without it, we cannot verify whether it has an 86% win rate, as the vendor claims. The absence of live statistics is a tell-tale sign of a scam, so we cannot recommend using this indicator for live trading.
There are no user reviews for this Forex indicator on websites like Forexpeacearmy, Trustpilot, Quora, and Myfxbook. We found several reviews on the official website, but of course, these cannot be considered authentic. Clearly, this indicator does not have much of a reputation in the Forex trading community. This makes it an even riskier investment.