As a trader, one of the first things I do after installing Metatrader 4 is to search for the best MT4 indicators available.
Having a set of reliable indicators at your disposal can be a game-changer for traders, as they provide valuable insights into market trends and potential opportunities. In this article, we present the top 10 MT4 indicators that every trader should consider adding to their toolkit.
These indicators have been carefully selected based on their effectiveness in identifying profitable trades and improving trading performance. Whether you’re a seasoned pro or just starting, this list will help make your trading easier and more efficient.
So, without further ado, here are the 10 best MT4 indicators that can help take your trading to the next level.
1. Key PA Levels
The first indicator is called Key Price Action Levels and it works by creating horizontal lines for price levels that are relevant for traders. These are psychological levels of support and resistance and they often work because we think in whole numbers, and when placing stops or limits, human beings will most likely use these prices.
Round numbers are important. This was one of the first concepts that I learned about forex trading, and this is one of the first indicators I that I put on a chart whenever I analyze a currency pair.
2. Session High Low
If you are trading intraday, the ability to keep an eye on the different trading sessions and their relevant levels is very important.
I like this indicator because it not only informs you when a session starts and ends, but it also shows you the high and low levels that were achieved in that session. You can also easily see the overlap time between sessions. This indicator comes from cjatradingtools.com, and I recommend you explore their website, they have some other very good indicators.
3. Support & Resistance Price Zones
Horizontal levels of support and resistance are one of the most reliable ways to trade. However, I don’t know about you, but when I started trading I wasn’t very confident in the levels that I drew.
That’s when i found this indicator. It uses fractals to find the levels of support and resistance. It then categorizes them in order of verified, unverified, tested, untested and strong and weak zones.
This is definitely one of the better support and resistance indicators that I have ever found, and I strongly recommend it to new traders that are not yet experienced in drawing the levels by themselves.
4. Equity and Balance
This one is an indicator that I frequently like to use in conjunction with my robots. Whenever I’m live testing or trading a robot I usually use this indicator to easily see at a glance how the robot is doing.
It is very helpful in knowing what recent trades were taken and what were their results. Ideally this should show a steady line growing in direction of the upper right corner. However I cant say that this has been my case 🙂
5. MTF Bollinger Bands
This indicator is one of the indicators that I personally developed. One of my favorite strategies to trade uses Bollinger Bands and requires that I keep in mind the Bollinger Bands from higher timeframes.
So I developed this indicator because I wanted to be able see on the same chart the Bollinger Bands from different timeframes. I use it frequently instead of the default BBands indicator that comes installed with metatrader.
6. Daily Profit Loss
This indicator is somewhat similar to the Equity indicator, but instead of showing show your trade results on a line chart, it presents them on a small table on the top right corner.
It shows your trading results in points, money earned/lost and percent change of your account based on several periods. Like the Equity indicator, it is also very useful for keeping track of your trading.
7. Daily Data
When it comes to finding the best mt4 indicators for intraday trading, this one stands out. With this indicator, you’ll immediately notice a box on each candle of the current trading day, along with the daily candle displayed on the right side of the chart. By doing so, you can quickly assess the day’s open, high, and low and get a better grasp of the market’s performance.
Furthermore, this indicator is more than just a visual aid. It also provides additional information, such as the current range and the pips distance from the day’s high and low. This allows you to analyze the market more comprehensively and make better trading decisions. If you combine this indicator with the Session High Low, your trading strategy can be further optimized.
All things considered, this is a powerful tool for any trader looking to make informed intraday trades. So, if you’re searching for an indicator that can give you an edge in the market, this one is definitely worth considering.
There are a lot of news indicators. After experimenting with some of them, I found this one to be one of the simpler ones and my personal favorite.
It is easy to configure and has several useful features. Besides showing a simple table with the news, it can also show event flags, and news lines on the price chart. I highly recommend it.
9. Strategy Checklist
This is one of the first indicators that I have ever developed. At the time I wanted something to help me in my discretionary trading.
A simple checklist that would be always attached to the chart. This way there would be no excuse for not following my strategy. It has definitely helped to prevent me from taking trades for the wrong reasons.
10. Zig Zag Value
And last but certainly not least, the Zig Zag indicator is an indicator basically serves to simplify the price movement. It does that by filtering out smaller price movements.
This is very useful indicator if you trade using fibonacci retracements and projections.
Now that we’ve covered the MT4 indicators, it’s important to understand that these indicators should not be used in isolation. Instead, traders should use a combination of indicators to confirm potential trading opportunities.
It’s also important to note that while these indicators can be helpful, they are not foolproof. Traders should still conduct thorough research and analysis before making any trades.
In conclusion, selecting the right set of indicators for your trading style and strategy can significantly improve your trading performance. The 10 MT4 indicators presented in this article offer a comprehensive range of tools for analyzing price action and identifying profitable opportunities. However, it is essential to note that no single indicator can guarantee success, and traders should always use multiple indicators and confirm their signals with market analysis and risk management strategies. Happy trading!
- What is MT4? MT4, or MetaTrader 4, is a popular trading platform used by traders worldwide.
- Can these indicators guarantee success in trading? No, these indicators should be used as a tool to help identify potential trading opportunities, but traders should still conduct thorough research and analysis before making any trades.
- Do I need to use all of these indicators? No, traders should use a combination of indicators to confirm potential trading opportunities.
- Are these indicators only for experienced traders? No, these indicators can be used by traders of all levels to help improve their trading skills.
- Can I customize these indicators to fit my trading strategy? Yes, MT4 allows for customization of indicators to fit your specific trading strategy.
I hope these FAQs help clarify some of the common questions traders may have regarding the use of these indicators. If you have any further questions, feel free to add a comment below.