What are the TOP 10 MT4 Indicators? With more than $5 trillion a day in terms of market capitalization, the forex market is one of the largest financial markets in the world. Millions of traders around the globe have pitched their tents on the market as their primary source of passive income.
For you to succeed in this market there are two crucial factors you need to pay attention to – you need to arm yourself with the right knowledge to enable you to predict price movements and behaviour, as well as the directions of the future market. Another essential factor that determines your chances of succeeding is your ability to analyze the market effectively.
For the first factor, you can enroll in a forex training class or look for an expert trader to mentor you on the dynamics of the market. As for the second factor, there is a wide range of forex indicators out there that can help you analyze the forex market and take the stress off your shoulder. So, instead of sitting in front of your PC all day analyzing trends and patterns, downloading and installing these indicators on your MetaTrader will enable you to trade on auto-pilot.
Except you are a forex veteran, you are likely to make a costly mistake in your choice of forex indicators to download and install; hence the need for this article. We have put together the top 10 MT4 Indicators you should consider installing and adding to your trading chart. But before we roll out the list of the indicators, let’s quickly define what an indicator is, and also explain the benefits of using the MT4 trader.
Forex indicators are trade suggestions whose value is derived from price activity in trade assets. Indicators generally aim to predict future price levels or the price direction of an asset using current market performance or past patterns. While the MT4 trading platform has a wide range of technical indicators, the indicators do not analyze fundamental elements like your earnings, revenue, or profit margins.
They are primarily used to predict future price movements to give you an understanding of when to either enter a trade position or exit the market so that you don’t incur losses. One more thing, forex indicators are not meant to be used independently. To get the most out of the market, we suggest you combine at least three or more indicators.
It is natural and healthy for newbie traders to ask this question time and again. Let’s quickly clarify the need for the MT4 trading platform.
MT4 is one of the best MetaTrader for retail traders. It is effortless to use and has a user-friendly interface. It boasts of a wide range of in-built technical indicators to give you everything you need to succeed on the market. The most significant advantage of using the MT4 MetaTrader is the ease with which you can install and add technical indicators to your trading charts.
Additionally, it is suitable for all categories of traders – whether you are new to forex trading, a professional, or a veteran, you will enjoy the intuitive interface of this MetaTrader. Plus, it also supports custom indicators which you can download from the internet and comfortably install. Most of these indicators are free to download.
Let’s now take a look at the benefits of using forex indicators.
● Confidence booster: Let’s face it; not every trader has the confidence to implement a trading strategy, especially those that are new to the market. They still have this inherent fear of losing their hard-earned money to market forces. But if you install either an in-built indicator or a custom indicator, you naturally receive a confidence boost knowing that the indicator has got you covered.
● Price movements: Another benefit of using forex indicators is to help you predict both present and future price movements and directions. If you’re able to determine the price direction of any currency pair before-hand, you will smile to the bank!
● Market Analysis: Forex indicators can also help you to analyze the market in real-time. So, instead of sitting in front of your PC all day and night to read trends, graphs, and patterns, once you install indicators, you can go to sleep, knowing that the indicators are at work analyzing the market on your behalf.
The top 10 indicators listed in this article have all been tested, and they have proven to be useful for making profits.
A good forex indicator must have the following features:
● Ease of Use: Ordinarily, predicting price movements using mathematical calculations is a headache. You don’t want that; hence the need to incorporate a forex indicator into your trading arsenal. Any good forex indicator must be easy to download, install, add to a chart, and implement.
● Entry and Exit: Human intellect alone may fail you if you want to determine when to enter or exit a trade position. Of course, you don’t want to lose your hard-earned money. A good forex indicator must come with entry and exit points so that you don’t incur any loss.
● Stop Loss and Take Profit: Another important feature of a good forex indicator is stop loss and take profit. These two components will also prevent you from incurring losses and help you mitigate the inherent risks on the market.
Above indicators have all been tested and reviewed for effectiveness and efficiency. After testing them against different currency pairs, we were able to choose the ultimate winner in the above table based on its performance.
You won’t go wrong installing any of them onto your MT4 trading platform. Just follow the instructions on how to install it, and everything will be set in a matter of minutes.
Forex indicators are must-haves if you must succeed as a forex trader. There is a wide range of indicators on the market; the ones we listed in this article have all proven to be effective after our test and review. These indicators will enhance your trading skills and strategies, and ultimately help you improve your earnings. So like you saw in our above TOP 10 MT4 indicators list you have several options.
And if you want to try more ways to generate consistent income, you could look at this link, where we have many more tools and indicators available for it.
Which of these indicators is your favourite? Let us know in the comment section.