I have Maxlife ATF in my '02 F150 and my brother in laws '04 F150.
Cleared up the overdrive downshifting "clunk" in mine, my brother in laws truck is shifting smoother now.
I have also used Walmart Supertech Mercon V with no problems either. It is a licensed fluid.
Maxlife no longer says compatible wit Mercon V on the bottle, but their online info still says you can use it in Merc V applications (unless you are in California, then things magically change).
Some complain that Maxlife ATF is too thin for Merc V application, and while the starting viscosity of ML ATF is thinner than Merc V, it is more sheer stable and Merc V has been shown to sheer fast to below what ML ATF starts at.
1994 VT1100: Peak 15w-40, TG Filter, 2.5k OCI
2002 F150: Havoline HM 5w-20, Ecogard Filter, 5k OCI
2012 xB: AZ 0w-20 syn, CQ Blue Filter, 5k OCI