OPEN-SOURCE SCRIPT
Xmaster Formula Indicator [TradingFinder] No Repaint Strategies
🔵Introduction
The Xmaster Formula Indicator is a powerful tool for forex trading, combining multiple technical indicators to provide insights into market trends, support and resistance levels, and price reversals. Developed in the early 2010s, it is widely valued for generating reliable buy and sell signals.
Key components include Exponential Moving Averages (EMA) for identifying trends and price momentum, and MACD (Moving Average Convergence Divergence) for analyzing trend strength and direction.
The Stochastic Oscillator and RSI (Relative Strength Index) enhance accuracy by signaling potential price reversals. Additionally, the Parabolic SAR assists in identifying trend reversals and managing risk.
By integrating these tools, the Xmaster Formula Indicator provides a comprehensive view of market conditions, empowering traders to make informed decisions.
🔵How to Use
The Xmaster Formula Indicator offers two distinct methods for generating signals: Standard Mode and Advance Mode. Each method caters to different trading styles and strategies.
Standard Mode:
In Standard Mode, the indicator uses normalized moving average data to generate buy and sell signals. The difference between the short-term (10-period) and long-term (38-period) EMAs is calculated and normalized to a 0-100 scale.
Buy Signal: When the normalized value crosses above 55, accompanied by the trend line turning green, a buy signal is generated.
Sell Signal: When the normalized value crosses below 45, and the trend line turns red, a sell signal is issued.
This mode is simple, making it ideal for traders looking for straightforward signals without the need for additional confirmations.
Advance Mode:
Advance Mode combines multiple technical indicators to provide more detailed and robust signals.
This method analyzes trends by incorporating:
🟣MACD
Buy Signal: When the MACD histogram bars are positive.
Sell Signal: When the MACD histogram bars are negative.
🟣RSI
Buy Signal: When RSI is below 30, indicating oversold conditions.
Sell Signal: When RSI is above 70, suggesting overbought conditions.
🟣Stochastic Oscillator
Buy Signal: When Stochastic is below 20.
Sell Signal: When Stochastic is above 80.
🟣Parabolic SAR
Buy Signal: When SAR is below the price.
Sell Signal: When SAR is above the price.
A signal is generated in Advance Mode only when all these indicators align:
Buy Signal: All conditions point to a bullish trend.
Sell Signal: All conditions indicate a bearish trend.
This mode is more comprehensive and suitable for traders who prefer deeper analysis and stronger confirmations before executing trades.
🔵Settings
Method:
Choose between "Standard" and "Advance" modes to determine how signals are generated. In Standard Mode, signals are based on normalized moving average data, while in Advance Mode, signals rely on the combination of MACD, RSI, Stochastic Oscillator, and Parabolic SAR.
Moving Average Settings:
Short Length: The period for the short-term EMA (default is 10).
Mid Length: The period for the medium-term EMA (default is 20).
Long Length: The period for the long-term EMA (default is 38).
MACD Settings:
Fast Length: The period for the fast EMA in the MACD calculation (default is 12).
Slow Length: The period for the slow EMA in the MACD calculation (default is 26).
Signal Line: The signal line period for MACD (default is 9).
Stochastic Settings:
Length: The period for the Stochastic Oscillator (default is 14).
RSI Settings:
Length: The period for the Relative Strength Index (default is 14).
🔵Conclusion
The Xmaster Formula Indicator is a versatile and reliable tool for forex traders, offering both simplicity and advanced analysis through its Standard and Advance modes. In Standard Mode, traders benefit from straightforward signals based on normalized moving average data, making it ideal for quick decision-making.
Advance Mode, on the other hand, provides a more detailed analysis by combining multiple indicators like MACD, RSI, Stochastic Oscillator, and Parabolic SAR, delivering stronger confirmations for critical market decisions.
While the Xmaster Formula Indicator offers valuable insights and reliable signals, it is important to use it alongside proper risk management and other analytical methods. By leveraging its capabilities effectively, traders can enhance their trading strategies and achieve better outcomes in the dynamic forex market.
The Xmaster Formula Indicator is a powerful tool for forex trading, combining multiple technical indicators to provide insights into market trends, support and resistance levels, and price reversals. Developed in the early 2010s, it is widely valued for generating reliable buy and sell signals.
Key components include Exponential Moving Averages (EMA) for identifying trends and price momentum, and MACD (Moving Average Convergence Divergence) for analyzing trend strength and direction.
The Stochastic Oscillator and RSI (Relative Strength Index) enhance accuracy by signaling potential price reversals. Additionally, the Parabolic SAR assists in identifying trend reversals and managing risk.
By integrating these tools, the Xmaster Formula Indicator provides a comprehensive view of market conditions, empowering traders to make informed decisions.
🔵How to Use
The Xmaster Formula Indicator offers two distinct methods for generating signals: Standard Mode and Advance Mode. Each method caters to different trading styles and strategies.
Standard Mode:
In Standard Mode, the indicator uses normalized moving average data to generate buy and sell signals. The difference between the short-term (10-period) and long-term (38-period) EMAs is calculated and normalized to a 0-100 scale.
Buy Signal: When the normalized value crosses above 55, accompanied by the trend line turning green, a buy signal is generated.
Sell Signal: When the normalized value crosses below 45, and the trend line turns red, a sell signal is issued.
This mode is simple, making it ideal for traders looking for straightforward signals without the need for additional confirmations.
Advance Mode:
Advance Mode combines multiple technical indicators to provide more detailed and robust signals.
This method analyzes trends by incorporating:
🟣MACD
Buy Signal: When the MACD histogram bars are positive.
Sell Signal: When the MACD histogram bars are negative.
🟣RSI
Buy Signal: When RSI is below 30, indicating oversold conditions.
Sell Signal: When RSI is above 70, suggesting overbought conditions.
🟣Stochastic Oscillator
Buy Signal: When Stochastic is below 20.
Sell Signal: When Stochastic is above 80.
🟣Parabolic SAR
Buy Signal: When SAR is below the price.
Sell Signal: When SAR is above the price.
A signal is generated in Advance Mode only when all these indicators align:
Buy Signal: All conditions point to a bullish trend.
Sell Signal: All conditions indicate a bearish trend.
This mode is more comprehensive and suitable for traders who prefer deeper analysis and stronger confirmations before executing trades.
🔵Settings
Method:
Choose between "Standard" and "Advance" modes to determine how signals are generated. In Standard Mode, signals are based on normalized moving average data, while in Advance Mode, signals rely on the combination of MACD, RSI, Stochastic Oscillator, and Parabolic SAR.
Moving Average Settings:
Short Length: The period for the short-term EMA (default is 10).
Mid Length: The period for the medium-term EMA (default is 20).
Long Length: The period for the long-term EMA (default is 38).
MACD Settings:
Fast Length: The period for the fast EMA in the MACD calculation (default is 12).
Slow Length: The period for the slow EMA in the MACD calculation (default is 26).
Signal Line: The signal line period for MACD (default is 9).
Stochastic Settings:
Length: The period for the Stochastic Oscillator (default is 14).
RSI Settings:
Length: The period for the Relative Strength Index (default is 14).
🔵Conclusion
The Xmaster Formula Indicator is a versatile and reliable tool for forex traders, offering both simplicity and advanced analysis through its Standard and Advance modes. In Standard Mode, traders benefit from straightforward signals based on normalized moving average data, making it ideal for quick decision-making.
Advance Mode, on the other hand, provides a more detailed analysis by combining multiple indicators like MACD, RSI, Stochastic Oscillator, and Parabolic SAR, delivering stronger confirmations for critical market decisions.
While the Xmaster Formula Indicator offers valuable insights and reliable signals, it is important to use it alongside proper risk management and other analytical methods. By leveraging its capabilities effectively, traders can enhance their trading strategies and achieve better outcomes in the dynamic forex market.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
Get Access to TradingFinder indicators and Education for FREE: tradingFinder.com/
Forex, Crypto, Stocks, Futures & Index informational materials and Trading Tools in Turkish language: tradingFinder.com/tr/
Forex, Crypto, Stocks, Futures & Index informational materials and Trading Tools in Turkish language: tradingFinder.com/tr/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.