MT Forex Indicator provides buy and sell signals on the chart that traders can follow to trade the markets. The algorithm prints arrows and works on the MT 4 platform. It works based on trend analysis and can print extras points to figure out the take profit on each trade. Let us observe and see if using the indicator is actually profitable for you or not.
MT Forex Indicator: to trust or not to trust?
Hippo Trader uses martingale and grid strategies, due to which the robot is completely untrustworthy. The developer is not transparent on the strategy, which raises further concerns.
The robot has the following features:
- It can work on all the instruments in currency trading and can be attached to any time frame.
- It can also work on Renko charts.
- It works with 86% trading accuracy.
- It is best for day trading, scalping, and swing trading.
- It does not repaint itself.
To get the robot up and running, you the following steps:
- Add the algorithm to your cart.
- Pay for the system.
- Provide the developers with the account number of your MT 4 platform.
- Receive the license key and enter it in the settings of the indicator.
- Attach the algorithm on the charts to begin trading.
The developer states the algorithm follows a trend methodology. It does not repaint itself and prints arrows on the charts to provide designated trades. The indicator works on all charts and forex currency pairs. Price action strategies and highs and lows of the chart are utilized alongside many other factors to maintain an accuracy of 86% or above. The company states that more than 4300 clients are using the indicator worldwide to place their trades.
The indicator can be bought for $39 with a lifetime license for a live and a demo account.
There are no backtesting records available on the website that can guide us on the indicator’s performance. It is possible to test the indicator on historical data using forex simulators and see if it is profitable or not. The developers, however, refrain from providing any such records, which is a poor practice.
There are also no verified trading records on Myfxbook, which may show the current live performance of the indicator. This is again bad practice that is not good for the reputation of the company and the algorithm. Without any live records, we can not know if the system is working and other statistics such as the drawdown and the monthly output.
Sinry Advice is the company behind the indicator, presenting many algorithms for sale in the financial marketplace. Their office is located at Jalan PJS 2C, Taman Medan, 46000, Petaling jaya, Selangor, Malaysia. The registered company name is SINRY ADVICE WORLDWIDE (TR0214386-K). They are not transparent in providing information on the developers and the traders behind the program.
Customer reviews on TrustPilot give Sinry Advice a rating of 3.9 for a total of 57 pieces of feedback. There is no comment on the MT Forex Indicator, which shows that no one has tried out the system. This is quite strange as the company claims to have over 4000 users of the product.