MT4 or Meta Trader 4 is the an excellent and most advanced trading platform for forex traders. It has some basic built-in indicators but they are not enough. So fortunately, MT4 is compatible to custom indicators and it can easily integrate various indicators at one time.
This article will revolve around the best free MT4 indicators that are available on MQL 4 programming language. They are easy to install, some of them can be integrated with just a couple of clicks. Moreover, as they are based on MQL 4 language so no special skill is required to run these indicators and provide a a great help to meet trading goals and strategies.
The Best MT4 Indicators
The indicators are the basis of successful forex trading. The technical indicators provide market insights and help you pin point the entry and exit position.
So, here are the best to download MT4 indicators available on MQL5.
- Supply and Demand Indicator
Supply and demand are the vital deciding factor to evaluate the increasing and decreasing currency value. That’s why its essential to have vital supply and demand information before closing the deal.
Supply and Demand indicator shows the availability of the buyers and sellers in the market and provide you an overview of financial situation. Another great feature of this indicator is its ability to automatically identify the market strength. It is quite useful because some times it gets quite difficult to locate the strongest supply.
- Forex non-repaint Indicator
Non repaint indicator is one of my favorite indicators. It is simple to configure and has many beneficial abilities beside just showing information. It can add occasion flags and news lines in the chart.
It is one of the indicators that I highly recommend that every forex trader should integrate.
- MTF Bollinger Band
MTF Bollinger Band is another useful indicator in some unique situations. It shows daily trades when you are using several time periods to analyze the market trend. Moreover, the indicator allows you to use multiple periods simultaneously when plotting a candle stick pattern on the chart.
During evaluation MTF Bollinger Band will display bar low and high price value with accurate buy and sell signals.
- Daily Profit/Loss Indicator
The main job of the indicator is to analyze the potential profits and losses in the market. Which it will make it easier for you identify the best time to sell and buy.
Daily Profit/loss RSI indicator is saves you from potential failure. Many professional traders use its data to make a solid risk management strategy. The helps them find out the correct loss points by predicting the market ups and downs.
- Session High Low Indicator
As a part time trader, it tough to take out the time to check the changing trends between the jobs. And everyone is aware that it’s quite important between specific buying and selling sessions.
Session High Low indicator is the simplest way to keep an eye on the changing situations. Moreover, it also notifies during the excessive low levels in a session.
- MACD Indicator
The indicator is great for both long term and short-term trading strategy and is considered as the best indicator to detect moving averages. MACD allows you to spot the moving average of a currency by detecting the convergence and divergence changes.
- Zig Zag Indicator
Zig Zag indicator helps to overview the rate of price reversal pattern. It plots a unique zig zag pattern on the chart and lets you note when the trend is reversing. It is also a great indicator for both short and long term strategies. With the ability to detect market trend price changes, its easier for you to use historic data to generate relevant information about support and resistance levels. Moreover, Zig Zag also find the differences between daily trades.
- Daily Trend Indicator
Daily trend indicator is another vital one in the list it draws a box on the candle charts of each trading day. On next day the boxes will be on the right side of the latest chart. This will provide vital information like opening value, excessive and lower end of the previous trading day.
Daily trend is an excellent indicator to put on the side of the consultation high low.
These are the vital MT4 indicators that every forex trader should use to gain some great help and score big on the trading day.