Research on indicators for the glass forming ability is helpful to develop new bulk metallic glasses. Based on the effects of the electronegativity difference (Δx) and the atomic size mismatch (σ) on the crystallization process, the indicator, τ=Δxσ, was used to assess the glass forming ability of Mg-based bulk metallic glasses. Linear regression analysis shows that the fitting degree of this parameter with the critical formation size is better than other indicators. Comparisons with other indicators also show that this indicator features higher computational stability and simple calculation.