Hey there! Today I would like to take a look at one of the popular tools on the market. This indicator is advertised as the software for day trading, scalping, swing trading and mixed trading – all at the same time! The tool is called MT4 X SPEED Software, and I am about to deep dive into its features, characteristics and overall profitability. All to answer the most important question of them all – is it worthy of your time and attention?
MT4 X SPEED Indicator Characteristics
Software Type: Indicator
Platform: MetaTrader4
Timeframes: all
Pairs and assets: all
Repaint: no
Special Features: Signal Strength Meter, Dashboard
Price: $27
My experience with MT4 X SPEED Indicator
MT4 X SPEED Software has a pleasant user-friendly interface and comes with easy-to-understand instructions. Basically, for entry you need to analyze only two things: buy (white) and sell (red) entry points and the meter in the oscillator window. When either buy or sell signal appears on the chart, you are to look closely at the oscillator and see whether the color (and, therefore, the trend direction) matches.
Also, the color of each trend direction in the meter is separated in two. According to the developer, this is what differentiate a moderate signal (white entry dot – grey meter, red entry dot – dark red meter) from a strong one (white entry dot – white meter, red entry dot – bright red meter)
Here, let me illustrate all of this – and I am sure you will understand it in seconds.
There is also a dashboard on the chart, which contains some useful info – ADR (Average Daily Range), a candle timer, spread and so on. Although I don’t really understand why they have the name of the pair and the current price there – which is the information that is already displayed on the chart. This may seem as me nitpicking, but in my experience oversights like this illustrate the lack of creative thinking put into the tool. If the software displays useless information, how can you make sure that the algorithm inside of it is well-thought-out?
Now, when we understand how to entry trades, let’s talk about exiting them. The user guide advises us to do the following:
“Stop loss should be placed below last swing low (for BUY Trades), and last swing high (for SELL Trades). Take profit 1 is equal to stop loss (pips wise). Take profit 2 is double stop loss pip value”.
This is how it is illustrated in the manual:
Easy, right? Well, not for a total beginner! Such calculations can be done automatically by software – why not do that for the user? I can see a lot of novices struggling with precise calculations, and that is why we are going back to the software being not as well-thought-out as it claims to be on the official webpage.
There are 3 types of alerts implemented in MT4 X SPEED Software: MT4 pop-up, email and push notifications. This is really good – we need alerts! But the issue is with the info displayed – or lack thereof. The only function of MT4 X SPEED Software alert is to tell you that the entry point has been generated. What I want to say is that in my mind an alert could have been a perfect way to not only indicate that the signal is generated, but also provide the user with TakeProfit and StopLoss values, but as we have already established, the developer decided to leave you to your own devices.
MT4 X SPEED Software is compatible with all timeframes and assets. Is it a good thing? Well, yes and no. Although there are undoubtedly a lot of traders who prefer to have everything everywhere all at once, I personally am a strong believer in the fact that the software which is designed for limited practices tend to turn out more meticulously crafted, than the ones which are advertised as “one-size-fits-all”. Of course, less sophisticated algorithm does not necessarily mean less beneficial one. But I have one more issue with the tools of this kind: I think that a beginner will do much better with a tool that is developed for a limited set of timeframes or assets, and/or has a checklist of the recommended ones. With MT4 X SPEED Software, an inexperienced trader will be at a loss when trying to start trading, not sure which asset or timeframe to choose.
My Results with MT4 X SPEED Indicator
All the above brings me to my final thoughts: MT4 X SPEED Software is a good tool for a trader with at least some experience under their belt, and for someone who knows how to use the indicators they get not independently, but in a system with other confirmation tools. If you are one of those traders – you are in luck, because MT4 X SPEED Software is only $27. And if you are reading this article, then you are even luckier, because I do have a link where you can download it for free, and I am not the one to gatekeep. And hey, if you manage to successfully implement MT4 X SPEED Software to your trading routine – maybe you can send those $27 to the company’s PayPal as a “thank you” for their effort!
Contact me: trentbaxter@forexrealreviews.com
