diff --git a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParser.java b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParser.java
index bf019089c921..4be398afb716 100644
--- a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParser.java
+++ b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParser.java
@@ -29,6 +29,7 @@ public class PyConsoleParser extends PyParser {
     PyConsoleTokenTypes.PLING,
     PyConsoleTokenTypes.QUESTION_MARK,
     PyConsoleTokenTypes.SHELL_COMMAND,
+    PyConsoleTokenTypes.MAGIC_COMMAND_LINE,
     PyTokenTypes.COMMA,
     PyTokenTypes.DIV,
     PyTokenTypes.PERC,
diff --git a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParsingContext.java b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParsingContext.java
index 0c0cdb32095d..060627f6909a 100644
--- a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParsingContext.java
+++ b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleParsingContext.java
@@ -10,6 +10,7 @@ import com.jetbrains.python.parsing.ParsingContext;
 import com.jetbrains.python.parsing.StatementParsing;
 import com.jetbrains.python.psi.LanguageLevel;
 
+import static com.jetbrains.python.parsing.console.PyConsoleTokenTypes.MAGIC_COMMAND_LINE;
 import static com.jetbrains.python.parsing.console.PyConsoleTokenTypes.SHELL_COMMAND;
 
 public class PyConsoleParsingContext extends ParsingContext {
@@ -201,7 +202,7 @@ public class PyConsoleParsingContext extends ParsingContext {
     }
 
     private boolean parseIPythonCaptureExpression() {
-      if (myBuilder.getTokenType() == SHELL_COMMAND) {
+      if (myBuilder.getTokenType() == SHELL_COMMAND || myBuilder.getTokenType() == MAGIC_COMMAND_LINE) {
         captureIPythonExpression();
         return true;
       }
diff --git a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleTokenTypes.java b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleTokenTypes.java
index 8de31d8410eb..d945c2cdd96b 100644
--- a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleTokenTypes.java
+++ b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PyConsoleTokenTypes.java
@@ -23,6 +23,7 @@ public final class PyConsoleTokenTypes {
   public static final PyElementType DOLLAR = new PyElementType("DOLLAR"); //$
 
   public static final PyElementType SHELL_COMMAND = new PyElementType("SHELL_COMMAND");
+  public static final PyElementType MAGIC_COMMAND_LINE = new PyElementType("MAGIC_COMMAND_LINE");
 
   private PyConsoleTokenTypes() {
   }
diff --git a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PythonConsoleLexer.java b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PythonConsoleLexer.java
index 1d03efce13a2..70b3dcc32cac 100644
--- a/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PythonConsoleLexer.java
+++ b/python/python-psi-impl/src/com/jetbrains/python/parsing/console/PythonConsoleLexer.java
@@ -16,6 +16,8 @@
 package com.jetbrains.python.parsing.console;
 
 import com.google.common.collect.ImmutableMap;
+import com.google.common.collect.Iterables;
+import com.intellij.lexer.Lexer;
 import com.intellij.lexer.MergeFunction;
 import com.intellij.psi.tree.IElementType;
 import com.jetbrains.python.lexer.PythonIndentingLexer;
@@ -25,6 +27,7 @@ import com.jetbrains.python.psi.PyElementType;
 import java.util.Map;
 
 import static com.jetbrains.python.PyTokenTypes.*;
+import static com.jetbrains.python.parsing.console.PyConsoleTokenTypes.MAGIC_COMMAND_LINE;
 import static com.jetbrains.python.parsing.console.PyConsoleTokenTypes.SHELL_COMMAND;
 
 public class PythonConsoleLexer extends PythonIndentingLexer {
@@ -56,17 +59,26 @@ public class PythonConsoleLexer extends PythonIndentingLexer {
     MergeFunction origMergeFunction = super.getMergeFunction();
     return (type, originalLexer) -> {
       if (type == BAD_CHARACTER && getElementType(getBaseTokenText()) == PyConsoleTokenTypes.PLING) {
-        while (originalLexer.getTokenType() != LINE_BREAK &&
-               originalLexer.getTokenType() != STATEMENT_BREAK &&
-               originalLexer.getTokenType() != null) {
-          originalLexer.advance();
-        }
+        collectFullLine(originalLexer);
         return SHELL_COMMAND;
       }
+      if (type == PERC &&
+          (getBaseTokenStart() == 0 || (!myTokenQueue.isEmpty() && Iterables.getLast(myTokenQueue).getType() == STATEMENT_BREAK))) {
+        collectFullLine(originalLexer);
+        return MAGIC_COMMAND_LINE;
+      }
       return origMergeFunction.merge(type, originalLexer);
     };
   }
 
+  private static void collectFullLine(Lexer originalLexer) {
+    while (originalLexer.getTokenType() != LINE_BREAK &&
+           originalLexer.getTokenType() != STATEMENT_BREAK &&
+           originalLexer.getTokenType() != null) {
+      originalLexer.advance();
+    }
+  }
+
   public static PyElementType getElementType(String token) {
     return SPECIAL_IPYTHON_SYMBOLS.get(token);
   }
diff --git a/python/testData/console/ipython/psi/magic1.txt b/python/testData/console/ipython/psi/magic1.txt
index 4dd1bb261c43..bae4eac7443e 100644
--- a/python/testData/console/ipython/psi/magic1.txt
+++ b/python/testData/console/ipython/psi/magic1.txt
@@ -1,4 +1,3 @@
 PyFile:magic1.py
   PyEmptyExpression
-    PsiElement(Py:PERC)('%')
-    PsiElement(Py:IDENTIFIER)('xmode')
\ No newline at end of file
+    PsiElement(Py:MAGIC_COMMAND_LINE)('%xmode')
\ No newline at end of file
diff --git a/python/testData/console/ipython/psi/magic2.txt b/python/testData/console/ipython/psi/magic2.txt
index 61681b1b54f8..f614cedfdb16 100644
--- a/python/testData/console/ipython/psi/magic2.txt
+++ b/python/testData/console/ipython/psi/magic2.txt
@@ -1,8 +1,3 @@
 PyFile:magic2.py
   PyEmptyExpression
-    PsiElement(Py:PERC)('%')
-    PsiElement(Py:IDENTIFIER)('alias_magic')
-    PsiWhiteSpace(' ')
-    PsiElement(Py:IDENTIFIER)('t')
-    PsiWhiteSpace(' ')
-    PsiElement(Py:IDENTIFIER)('timeit')
\ No newline at end of file
+    PsiElement(Py:MAGIC_COMMAND_LINE)('%alias_magic t timeit')
\ No newline at end of file
diff --git a/python/testData/console/ipython/psi/magic3.txt b/python/testData/console/ipython/psi/magic3.txt
index acdd939b9e1b..156a50cd0cfb 100644
--- a/python/testData/console/ipython/psi/magic3.txt
+++ b/python/testData/console/ipython/psi/magic3.txt
@@ -1,10 +1,3 @@
 PyFile:magic3.py
   PyEmptyExpression
-    PsiElement(Py:PERC)('%')
-    PsiElement(Py:IDENTIFIER)('config')
-    PsiWhiteSpace(' ')
-    PsiElement(Py:IDENTIFIER)('Class')
-    PsiElement(Py:DOT)('.')
-    PsiElement(Py:IDENTIFIER)('trait')
-    PsiElement(Py:EQ)('=')
-    PsiElement(Py:IDENTIFIER)('value')
\ No newline at end of file
+    PsiElement(Py:MAGIC_COMMAND_LINE)('%config Class.trait=value')
\ No newline at end of file
diff --git a/python/testData/console/ipython/psi/magicMultiline.txt b/python/testData/console/ipython/psi/magicMultiline.txt
index 3f7d8a56364c..21327961b56f 100644
--- a/python/testData/console/ipython/psi/magicMultiline.txt
+++ b/python/testData/console/ipython/psi/magicMultiline.txt
@@ -1,8 +1,6 @@
 PyFile:magicMultiline.py
   PyEmptyExpression
-    PsiElement(Py:PERC)('%')
-    PsiElement(Py:PERC)('%')
-    PsiElement(Py:IDENTIFIER)('bash')
+    PsiElement(Py:MAGIC_COMMAND_LINE)('%%bash')
     PsiWhiteSpace('\n')
     PsiElement(Py:IDENTIFIER)('echo')
     PsiWhiteSpace(' ')