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MMXM Model: The AMD Trading Strategy and Market Maker Model Explained
MMXM is not a different model from AMD — it is the same three-phase cycle with a more granular institutional label on each stage. Once you see how the six MMXM stages map onto Accumulation, Manipulation, and Distribution, the model becomes a precise execution checklist rather than an abstract framework.
The Inner Circle Traders
Updated July 2026
10 min read
Cluster: Models & Sessions
Key Takeaways
- MMXM is AMD expressed with detailed institutional stage labelling — the same three-phase cycle with each phase broken into sub-stages
- The six stages are: Consolidation, Rally/Decline toward liquidity, Order Block zone, Displacement sweep, Delivery to PD Array, Distribution
- The Market Maker Buy Model seeks sell-side liquidity below, sweeps it, then distributes price higher
- The Market Maker Sell Model is the exact mirror — seeks buy-side liquidity above, sweeps it, then distributes price lower
- MMXM is best executed within kill zone timing with a confirmed daily bias already established
MMXM and AMD — The Same Cycle, Deeper Labels
Before covering any stage of the MMXM model, it is worth being explicit about something the existing literature often leaves implicit: MMXM is AMD. The AMD cycle introduced in Article 23 — Accumulation, Manipulation, Distribution — is the entire structural foundation of MMXM. What MMXM adds is a more granular institutional label for each sub-event within those three phases.
MMXM mapped onto AMD
Accumulation → Stage 1 (Consolidation)
Manipulation → Stages 2–4 (Rally/Decline, OB zone, Displacement sweep)
Distribution → Stages 5–6 (Delivery to PD Array, Distribution)
Understanding this connection means that if you already understand AMD, you already understand MMXM structurally — you are simply learning more precise names for what you already know.
The Six MMXM Stages
Both the buy and sell model share the same six sequential stages. The direction differs; the structure does not.
01
Consolidation
Price ranges and consolidates, building equal highs and equal lows that mark where resting liquidity will be targeted. This is AMD’s Accumulation phase — the market is coiling before the next directional decision.
02
Rally (or Decline) Toward Liquidity
Price begins to move toward the resting liquidity pool — downward to sell-side liquidity (buy model) or upward to buy-side liquidity (sell model). This looks like the start of a move in one direction but is actually preparation for the manipulation sweep.
03
Order Block or Breaker Zone
Price enters or encounters an Order Block or Breaker Block zone as it approaches the liquidity target. This is where the institutional footprint from the original position-building is visible on the chart.
04
Displacement — The Sweep
The most critical stage. Price displaces through the OB/Breaker zone and sweeps the resting liquidity — stop orders clustered beyond the swing high or low are triggered, providing the fill institutions need. This is AMD’s Manipulation phase at its most concentrated. Strong, decisive candles with momentum characterise this stage. See our guide to Liquidity Sweeps for how to identify the sweep itself.
05
Delivery to a PD Array
After the sweep, price retraces back into a PD Array — an Order Block, Fair Value Gap, or Breaker Block left behind by the displacement move. This retracement is the entry window, not the sweep itself. Entries taken here align with the real directional move that is about to begin.
06
Distribution to the Target
The real, sustained directional move — AMD’s Distribution phase — carries price to the genuine liquidity target. This is the move MMXM traders are positioning for: the clean, uninterrupted run that follows once both sides of the liquidity equation have been addressed.
In the Market Maker Buy Model, the manipulation targets sell-side liquidity below. The sweep happens downward, clearing stop orders from long traders resting below a swing low. After the sweep, price reverses and the real move distributes upward.
Figure 1 — Market Maker Buy Model: all six stages on one price path. Stage 4 (Displacement) is drawn heavier to reflect the sharp, momentum-driven character of the sweep. Stage 6 (Distribution) shows the sustained upward move to the target.
Notice that the entry is not at the moment of the sweep (Stage 4) — it is during Stage 5, the retracement delivery back into the PD Array. Traders who enter at the bottom of the sweep are entering at the highest-volatility, lowest-clarity moment of the entire sequence. Waiting for the retracement into the PD Array trades the same move with better entry precision and a tighter stop.
Market Maker Sell Model
The Market Maker Sell Model is the exact inverse. Here, the manipulation targets buy-side liquidity above — stop orders from short traders resting above a swing high are swept upward. After the sweep, price reverses and distributes downward.
Figure 2 — Market Maker Sell Model: the exact mirror of Figure 1. Stage 4 Displacement sweeps upward through BSL, Stage 5 delivers back into a PD Array, Stage 6 distributes lower to the target.
The structural symmetry between the buy and sell model is deliberate and worth internalising. The same checklist, the same stage sequence, the same entry logic — only the direction is inverted. A trader who can identify the buy model on a chart can identify the sell model immediately, because they are reading the same sequence in the opposite direction.
How to Execute the MMXM Model
Step 1 — Determine daily bias first. Before any kill zone opens, establish whether the session’s genuine directional bias is bullish or bearish. This determines whether you are looking for a buy model or a sell model. See our complete ICT Daily Bias guide for the full process.
Step 2 — Wait for the kill zone. MMXM setups are most reliable within the three kill zone windows covered in Article 24. The consolidation phase of MMXM often corresponds to the Asian Range; the manipulation and distribution phases typically unfold during London or New York.
Step 3 — Identify the liquidity target. Locate the nearest BSL (for a sell model) or SSL (for a buy model) that aligns with your daily bias. This is the Stage 4 destination — the level that will be swept before the real move starts.
Step 4 — Watch for the consolidation → sweep sequence. Let Stages 1–4 unfold. Do not chase the sweep. Your job in Stages 1–4 is observation, not action.
Step 5 — Enter on the Stage 5 retracement. When price delivers back into the PD Array left by the displacement move, that is the entry window. Use a Fair Value Gap, Order Block, or Breaker Block within the retracement zone for entry precision.
Step 6 — Target the Stage 6 destination. The Distribution target is the opposite side’s liquidity pool — BSL for buy models, SSL for sell models. Set your target before the trade, not after.
Frequently Asked Questions
The Four MMXM Phases in Detail
The MMXM model describes the full institutional delivery cycle through four phases. Each phase has specific characteristics, specific price behaviour, and specific entry opportunities. Understanding all four phases is what allows you to identify where in the cycle the current market is and what comes next.
Phase 1 — Accumulation: Price consolidates in a range. Equal highs and equal lows form on both sides. Institutional orders are being placed quietly without driving price significantly. This phase can last hours or days depending on the timeframe. The exit signal from Phase 1 is the Judas Swing — the false move that starts the manipulation phase.
Phase 2 — Manipulation (Judas Swing): Price makes a false directional move — bearish for a bullish MMXM, bullish for a bearish MMXM. This move sweeps the liquidity on the manipulation side (SSL for bullish, BSL for bearish), collects the stops of retail traders positioned in the manipulation direction, and fills the institutional position. The Judas Swing is complete when price closes back inside the Phase 1 range with a displacement candle.
Phase 3 — Distribution (real delivery): With institutional positions filled from Phase 2, price delivers aggressively in the true direction. FVGs form rapidly during this phase. The move from Phase 3 is the largest single directional leg of the MMXM cycle — this is where the majority of the R:R is captured. Entries from the FVGs formed during Phase 3 are the MMXM entry opportunities.
Phase 4 — Reaccumulation or Redistribution: Price reaches the liquidity target (BSL for bullish MMXM, SSL for bearish). At the target, one of two things happens: price distributes at the BSL and begins a new MMSM (Market Maker Sell Model) cycle, or price reaccumulates in a new range before the next bullish leg higher. Identifying which is occurring determines whether you look for the next long entry or the first short entry at the BSL target.
MMXM Entry Timing: When to Get In and When to Wait
The cleanest MMXM entry is at the transition from Phase 2 to Phase 3 — the moment the Judas Swing completes and the displacement reversal begins. The FVG left by the first Phase 3 displacement candle is the First Presented FVG of the new delivery, and it is the highest-priority entry zone in the MMXM model.
If you miss the Phase 2/3 transition entry, Phase 3 often provides secondary entry opportunities. As price delivers higher (bullish MMXM), it periodically pauses to create small consolidations, each of which produces a new FVG when price breaks out. These Phase 3 FVGs are continuation entries — entering within the already-established Phase 3 delivery toward the BSL target. They have lower R:R than the Phase 2/3 transition entry (you are entering later in the move) but higher probability of fill (the direction is already established).
Never enter during Phase 1 (accumulation). The direction is not yet established and the Judas Swing can go in either direction. The wait during Phase 1 feels uncomfortable — it looks like price is just sitting there doing nothing — but it is essential. Premature entries during accumulation are caught by the Phase 2 Judas Swing, stopping you out precisely at the point where you should have been preparing to enter in the other direction.
Watch: MMXM Model: The ICT Market Maker Buy and Sell Model Explained
Original ICT teaching on this concept from the Inner Circle Trader YouTube channel.
What is the MMXM model?+
The MMXM model is an ICT trading model that describes the full six-stage sequence of institutional price delivery — from initial consolidation through a liquidity sweep and back to a sustained directional move. It is the AMD cycle expressed with detailed institutional labelling, where each AMD phase is broken into more granular sub-stages.
What does MMXM stand for?+
MMXM is shorthand for Market Maker Model — specifically referring to the Market Maker Buy Model (MMBM) and Market Maker Sell Model (MMSM). The term describes how ICT conceptualises institutional participants ("market makers") engineering a specific six-stage price sequence to accumulate positions before distributing them at a profit.
What is the difference between the market maker buy and sell model?+
The buy model targets sell-side liquidity below a range before distributing price upward. The sell model targets buy-side liquidity above a range before distributing price downward. Both share the same six-stage structure and the same entry logic — only the directional bias and the side of liquidity targeted differ.
How does MMXM relate to AMD?+
MMXM is AMD with more granular institutional labelling. Stage 1 (Consolidation) = AMD's Accumulation. Stages 2–4 (Rally/Decline, OB zone, Displacement) = AMD's Manipulation. Stages 5–6 (PD Array delivery, Distribution) = AMD's Distribution. Understanding AMD first makes MMXM significantly easier to internalise.
What timeframe is best for trading the MMXM model?+
The MMXM model is typically identified on the H1 or H4 chart to see the full six-stage sequence in context, with entries refined on the M15 or M5 chart during Stage 5 (the PD Array delivery). Higher timeframe identification combined with lower timeframe entry precision is the standard approach.
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