MT5 Indicators – The Best MetaTrader 5 Indicators

MetaTrader 5 is a powerful, modern trading platform used daily by thousands of forex traders worldwide. While it includes built-in indicators, its full potential is truly unlocked through custom MT5 indicators and here at ForexRacer you can find hundreds of them.

What’s more, we’ve carefully analyzed each one to create a hand-picked list of the best and most interesting tools – all based on our own experience and subjective opinion.

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Our Hand-Picked MT5 Indicators Collection

Xmaster Formula Indicator

Xmaster Formula Indicator

Free Download
MT5

The Xmaster Formula Indicator for MetaTrader 5 is a modern variation of the famous trend-following indicator. It displays colorful dashed line. Green corresponds to bullish opportunities and red suggests bearish occasions. Generated signals are accurate and indicator works great on all timeframes.

Reversal Fractals Indicator

Reversal Fractals Indicator

Free Download
MT5

The Reversal Fractals Indicator provides high-probability price reversal levels. It displays big red or blue arrows and horizontal lines. Thanks to these, it’s easy for traders to follow generated signals.

MACD 2 Line Indicator

MACD 2 Line Indicator

Free Download
MT5

The MACD 2 Line Indicator is an improved version of the classic MACD. The difference between two lines is displayed in the form of colorful cloud. It helps to visualize crossovers that reflect short-term trends.

Super Trend Hull Indicator

Super Trend Hull Indicator

Free Download
MT5

The Super Trend Hull Indicator is a combination of two popular forex indicators. It displays single dynamic signal line but use of hull formula results in smoother and more responsive trend detection.

3X Parabolic Regression Indicator

3X Parabolic Regression Indicator

Free Download
MT5

The 3X Parabolic Regression Indicator is responsible for drawing two linear standard deviation trend channels and single parabolic regression channel. They automatically adjust to price changes and traders should look for opportunities at bounces from the bands.

Karpenko Cloud Indicator

Karpenko Cloud Indicator

Free Download
MT5

The Karpenko Cloud Indicator displays a pink and green cloud. It corresponds to bearish and bullish trend respectively. It helps traders to understand overall market trend and when it shifts.

Xtreme Trend Indicator

Xtreme Trend Indicator

Free Download
MT5

The Xtreme Trend Indicator is an interesting scalping too that displays color-coded line. Essentially, that line follow trend and adjust to price fluctuactions. What’s more, the indicator displays buy sell arrows for trade entries.

MACD Color Candles Indicator

MACD Color Candles Indicator

Free Download
MT5

The MACD Color Candles Indicator makes trading with MACD even easier. In order to understand market momentum one just need to take a look at the color of candlesticks.

Recently Added MT5 Indicators

Here are recently added items:

mt5 min price change indicator

MT5 MinPriceChange Signal Indicator

The MinPriceChange Indicator for MT5 helps detect when the market moves from a flat (sideways) phase ...
vortex oscillator indicator mt5

Vortex Oscillator Indicator MT5

The Vortex Oscillator Indicator for MT5 displays histogram bars and can be successfully used both in ...
setka indicator for mt5

MT5 Setka Indicator

The Setka Indicator for MT5 is responsible for displaying a grid, which is helpful for understanding ...
mt5 rainbow oscillator indicator

MT5 Rainbow Oscillator Indicator

The Rainbow Oscillator Indicator for MT5 is based on the Mel Widner's Rainbow Average, but this ...
macd coloured histogram indicator mt5

MACD Coloured Histogram Indicator MT5

The MACD Coloured Histogram Indicator for MT5 is responsible for calculating the difference between the MACD ...
ps magicas indicator mt5

MT5 PS Magicas Indicator

The PS Magicas Indicator for MT5 displays three moving averages and additionally it provides potential take ...
vertex mod indicator mt5

Vertex Mod Indicator MT5

The Vertex Mod Indicator for MT5 is a volume analysis tool that's able to recognize strength ...
tma cd divergence indicator mt5

TMA CD Divergence Indicator MT5

The TMA CD Divergence Indicator for MT5 is responsible for detecting divergences between price and Triangular ...
mt5 kairi relative index indicator

MT5 Kairi Relative Index Indicator

The Kairi Relative Index Indicator for MT5 analyzes price movements and helps traders spot exhaustion and ...
adx cross alerts indicator mt5

ADX Cross Alerts Indicator MT5

The ADX Cross Alerts Indicator for MT5 reveals if buyers or sellers are in control of ...
mt5 damjan indicator

MT5 Damjan Indicator

The Damjan Indicator for MT5 provides traders with ideas for key turning points and short-term trend ...
master pattern indicator for mt5

Master Pattern Indicator MT5

The Master Pattern Indicator for MT5 is a tool developed by LuxAlgo that recognizes contraction patterns ...
vortex smoothed indicator for mt5

Vortex Smoothed Indicator MT5

The Vortex Smoothed Indicator for MT5 helps traders to understand market trend and its strength. Since ...
volatility stop indicator for mt5

Volatility Stop Indicator MT5

The Volatility Stop Indicator for MT5 helps traders to define their stop loss levels. It’s also ...
Supertrend CCI Indicator for MT5

Supertrend CCI Indicator MT5

The Supertrend CCI Indicator for MT5 is an interesting combination of a well-known trend-following indicator and ...
Extreme TMA Line Indicator for MT5

Extreme TMA Line Indicator MT5

The Extreme TMA Line Indicator for MT5 is responsible for displaying a price channel. It helps ...
trend flex indicator for mt5

Trend Flex Indicator MT5

The Trend Flex indicator for MT5 is a momentum tool designed to measure trend strength and ...
ftlm stlm indicator for mt5

FTLM STLM Indicator MT5

The FTLM STLM Indicator for MT5 is responsible for performing advanced momentum analysis. It applies digital ...
entropy math indicator for mt5

Entropy Math Indicator MT5

The Entropy Math Indicator for MT5 is one of a kind oscillator designed to recognize hidden ...
reversal fractals indicator for mt5

Reversal Fractals Indicator MT5

The Reversal Fractals Indicator for MT5 is responsible for calculating high-probability reversal levels based on fractal ...
buy sell pressure indicator for mt5

Buy Sell Pressure Indicator MT5

The Buy Sell Pressure Indicator for MT5 is designed to measure momentum by analyzing the balance ...

Knowledge Base

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What are MT5 indicators?

Essentially, each MT5 indicator is a result of a compiled code written in the MQL5 programming language. Behind the scenes, it performs various mathematical calculations based on historic and real time market data.The data used for these calculations may include moving averages, price oscillations, volume, volatility and other factors. The results are then displayed in the friendly visual manner. Thanks to that, traders can easily spot trends, momentum shifts and potential entry and exit points.

What’s more, MT5 indicators can be either built-in or custom-made, created by developers to meet individual needs or fit specifc strategies.

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How to install MT5 indicators?

Follow these simple steps to install any indicator in MetaTrader 5:

1
Download the Indicator
Click the download button at the top of the indicator’s dedicated article page to save the file to your computer.
2
Open Data Folder
Launch MT5 and click File β†’ Open Data Folder in the top menu.
3
Navigate to Indicators Folder
Go to MQL5 β†’ Indicators folder in the file explorer that opens.
4
Copy Indicator File
Drag and drop the downloaded indicator file into the Indicators folder, then restart MT5.
5
Apply to Chart
Find the indicator in the Navigator window and double-click it to apply to your active chart.
6
Configure Settings
Adjust the indicator settings in the popup window or keep the defaults. Click OK to finish. Your indicator is now ready to use!
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Can I create my own MetaTrader 5 indicator?

Yes, you absolutely can! Unfortunately it’s not so simple and requires coding skills and knowledge in software development. Custom MetaTrader 5 indicators are developed in MQL5 programming language. Traders without background may find it challenging, but seasoned coders should grasp it easily.

The platform where you can write, test, and compile your indicators is called MetaEditor. The best part is that rich documentation, code examples and an active community can help you get started.

If you’re not ready to code yourself, you can consider following alternative ideas:

  • hire experienced developer through freelance platforms
  • use third-party builders that allow creating indicators without coding

Custom MT5 indicators will bring your ideas to life – you can perform calculations and apply visualizations not seen anywhere else.