This card can work exceptionally well in a "Tempest Magician" Deck. By using the effect of "Tempest Magician" to turn cards in your hand into Spell Counters to increase the damage for its own effect (or by using a lot of Spell Cards to activate the effects of other Spellcasters under your control who gain Spell Counters through their own effects, such as "Magical Exemplar"), the conditions for the effect of "Magical Explosion" well also be set.
All the cards in your hand can be discarded with ease by using the Spell Card "Allure of Darkness", plus it adds another 200 damage to this cards effect because it will go to the Graveyard also.
This card can belong in a Deck of its own by using the Magical Explosion FTK as a template. It just need to be modify a bit since that article had several banned cards, such as "Dimension Fusion". "Destiny HERO - Malicious" and other Token cards can be used as 3 monsters are Tribued for "Destiny HERO - Dogma" or "Destiny HERO - Plasma". Just follow several of the mentioned tips so long as they let your Deck be drawn and/or thin, or let Tokens be used, such as "Dandylion" which can easily be discarded, "Fires of Doomsday", or even "Scapegoat" as those 2 monsters are Special Summons and not Tribute Summons, but there is also a need to wait until your next turn to Tribute them for "Plasma" or "Dogma". Definitely use "Pot of Avarice" to get a Spell in your Graveyard and reuse "Elemental HERO Stratos" amongst other monsters that well be need in addition to slow down your rate of Decking out. However, because this Deck is heavily dependent upon drawing and discarding Spells, "Reasoning" or "Monster Gate" may not be used because "Dogma" and "Prisma" are Nomi monsters and they be lost (or your draw Spells without using them) instead of using them to discard for drawing Spells such as "Trade-In", "Card Destruction" or "Destiny Draw".
"Grinder Golem" and "Treeborn Frog" make Summoning "Dogma" and "Plasma" much easier (the effect of "Treeborn" counts as a Special Summon), plus "Grinder Golem" could be used for "Trade-In" or use "One for One" to Special Summon "Treeborn" or any Level 1 monsters, like "Cyber Valley", immediately from your Deck. Just remember to get that necessary "Destiny HERO" to Tribute for "Dogma".
If your opponent activates this card, use "Flash Fusion" or "Super Polymerization"(Traditional Format only) to Fusion Summon "Amulet Dragon", and use his effect to banish all of the Spells in your opponent's Graveyard, reducing the damage from "Magical Explosion" to 0.