Please check our awesome collection of best forex indicators with free download. The list of these custom forex indicators can be found below:
MT4 and MT5 indicators are forex market technical analysis tools dedicated soley for Metatrader platforms. In a few words, custom forex mt4 indicators can be described as mathematical formulas analysing price dynamics and generating trading signals. These signalas are used by traders for their speculation efforts and trend change predictions.
There are hundreds or even thousands of custom mt4 indicators all over the internet. They need to be individually downloaded, installed and tested. This is exactly what we have done. Each indicator listed here at ForexRacer comes with further explanation and trading instructions that you should read and get know with before you actually really use it.
There are a few standard technical indicators that comes originally with every Metatrader installation. These default forex MT4 indicators can be grouped into following categories.
Moving Average, Ichimoku Kinko Hyo, Bollinger Bands, Parabolic SAR, Average Directional Movement Index, Standard Deviation, Envelopes.
Relative Strenght Index (RSI), Stochastic, MACD, Average True Range (ATR), Momentum, Commodity Channel Index (CCI), Bears Power, Bulls Power, DeMarker, Force Index, Relative Vigor Index, William’s Percant Index.
Accumulation / Distribution, Money Flow Index, On Balance Volume, Volumes.
First, click an indicator of your choice. You will be now transferred to detailed page with a description and trading rules for this specific indicator. Read it and scroll down. At the bottom of a page there is a download button with a text “LINK”. Click it, download it and you are done 🙂
Of course, you can develop you own custom forex indicator. But it requires some programming knowledge and skills in MQL4. You can create custom indicators in program called MetaEditor. Read and learn this programming language on MQL4 website.
Follow these steps to open Meta Editor:
- Open your MT4 platform,
- While having MetaTrader open, press F4 on your keyboard,
- MetaEditor will now open;
- In the top left of the screen, click File -> New.
- You can now write code for your custom indicator.
Most currency traders use forex indicators on a daily basis. Of course, it doesn’t mean that implementing these tools will automatically make you a profitable trader from day one. To clarify, you can be profitable, trading naked charts only. The question is why would you do that while there are forex indicators capable of showing things you won’t see with a naked eye.
The truth is that forex indicators are wonderful tools and when utilized properly, they can give a real edge in the foreing exchange market. These are some quick advantages of the best forex indicators:
- they show hidden elements of market;
- they give trade ideas;
- they save time for technical analysis.