MT Forex Indicator Review

Sep 24, 2021 07:40 AM ET
MT Forex Indicator Review

MT Forex Indicator is an MT4 tool that promises precise sell or buy signals. The FX trading tool works on all currency pairs and time frames. It also works on Renko charts. This system assures an accurate analysis with its effective strategies and other factors it uses for identifying the right trades. My EA Academy develops and promotes this indicator. It belongs to SinryAdvice Worldwide, which is a registered company based in Malaysia. Other products of this company include Red Fox EA, and Prop Firm EA. The official site provides a location address, social media links, and an online contact form for support.

MT Forex Indicator

Type

Indicator

Price

$39

Strategy

Scalping, Swing, Day trading

Compatible Platforms

MT4

Currency Pairs

All currency pairs

Timeframe

Any

Recommended Min. Deposit

N/A

Recommended Deposit

N/A

Leverage

N/A

Trading strategy explanation

Features of MT Forex Indicator.

The important features of this FX indicator include a non-repainting system that works on all currency pairs on the MT4 platform. It is ideal for scalping, day trading, and swing trading approaches. The vendor assures accuracy of 86%. This MT4 tool works on any timeframe and analyses the trend direction for identifying the appropriate trades. 

Email notification and sound alerts are used. There are additional arrows used to identify the high and low price levels in the chart easily. This FX trading tool costs $39 and this is a one-time payment. The package includes a guide for installation and free updates. A refund offer is present for this FX indicator. If the file does not work or deliver, the vendor offers a full refund within 14 days of purchasing the product.

The strategy used by MT Forex Indicator. 

On completing the purchase, you will receive the ex4 file. You need to add it to your MT4 indicator and your chart. It will start showing the sell and buy signals. As per the vendor info, this indicator analyzes the trend and price action approaches. It identifies the top and bottom prices in the charts and other factors to generate the signals. The vendor boasts of having over 4300 active clients using this indicator for confirmation before they place a trade. However, the explanation provided is not sufficient to assess the approach and its efficacy.

Backtest data analysis

No backtests are present for this indicator. With strategy tester reports, you can get a better insight into the trading approach and the performance of the product. Although the test is based on historical data and cannot assure a similar performance in the real trading results, traders find backtesting a useful tool. The absence of backtests makes it difficult to evaluate the indicator’s efficacy and also raises doubts regarding its reliability.

Live trading data analysis

Live trading chart of MT Forex Indicator.

The vendor provides a few screenshots of the live trading results. But these are not verified results. We prefer real live trading results verified by sites like myfxbook, FXblue, or FXStat as these are reputed sites. The information that these sites reveal helps in knowing about the key aspects of the indicator like the drawdown, profitability, risk-reward ratio, lot size, trading frequency, and more. Such info helps in the evaluation of the effectiveness of the trading tool. The absence of a proven track record raises a red flag for this indicator.

Customer reviews

We found reviews for My EA Academy on the Trustpilot site. Here are a few of the feedback from customers.

User complaining that the MT Indicator does not work.

User complaining of the big losses from the company products.

From the above user testimonials, we can see that the system is not working properly. Further, the user mentions the poor support. The reviews also indicate that all the products of the company result in a high drawdown resulting in big losses. From the reviews, it is clear that this is not a trustworthy MT4 tool to use. It also corroborates our evaluation that the trading approach and performance are poor.

Review summary

Pros

Cons

  • Works on all currency pairs and timeframes
  • The strategy used is not explained
  • Non-repainting system
  • No backtests or verified real trading results
 
  • Negative user reviews

MT Forex Indicator assures signals that have an accuracy of over 86%. But our analysis of the features, trading approach, and performance reveals several downsides in this MT4 compatible system. Although the vendor mentions the trend and price action approaches, there is no explanation of the strategies and the absence of backtests further confirms the lack of transparency concerning the strategy. There are no verified trading results which is another major downside of this MT4 tool. Furthermore, the negative feedback from users also confirms our analysis that this is not a trustworthy product. 

Rating: 4/10


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