The Mcginley Dynamic Forex indicator for the Metatrader 4 platform is an indicator based on moving averages that have a smoothing factor to reduce false signals.
Its trading signals are very simple:
- If the price action is above the Mcginley indicator: look for possible buy signals.
- If the price action is below the Mcginley indicator: look for possible sell signals
The indicator settings (period, smoothing factor) can be changed directly from the indicator settings tab.
As with any technical analysis tool, it is not recommended to use this moving average as the sole criterion for analyzing and opening positions in the market. Use it in conjunction with an oscillator type indicator (such as the MACD, or the stochastic oscillator) to build a complete trading system.