Top 10 MT4 Indicators
Top 10 MT4 Indicators … You must have heard of the popular MT4 trading platform, except you are a newbie trader. While this platform is designed for retail traders, its different charting tools and user-friendliness provides almost everything an average trader needs to make money on the forex market.
The most significant advantage of using the MT4 trading platform is that it has a vast user base and secure programming software. Thus, tons of free indicators that can help you to make an informed trading decision are available on the platform. These indicators are what you need to trade professionally.
If you don’t have any experience, there is a high chance that you won’t know the appropriate indicators to download that will enhance your trading skills and strategies. Thankfully, we have done all the hard jobs for you. In this post, we have compiled the top 10 MT4 indicators for your trading needs. We will take it a bit further to describe the indicators and show you how they work.
Top 10 MT4 Indicators
#1. Position Size Calculator
Risk management is an integral part of forex trading. Your strategies to maximize profit and mitigate risk can make or mar your chances of succeeding. This is precisely where the position size calculator comes in.
The position size calculator made it to the top of our list for a few reasons. First, it is user-friendly and can tell you the number of lots to trade per time. Secondly, the interface is straightforward to understand. Whether you are a beginner trader or you have been trading forex for decades, position size calculator has got you covered.
When trading on MT4, you won’t get to see the % of your equity. This indicator will help you to determine the right time to enter into a trade to make a profit. It will also tell you how many lots to trade based on stop-loss and entry-level, account size, risk tolerance, price of the currency pair, and account currency, thus making it our pick for the top 10 mt4 indicators.
Once everything is set, the only thing required of you to do is to press F9 for a new order. You can then copy the values into the MT4 box.
#2. Orders Indicator
There are times you would need your past trading performance to figure out the trading strategies you applied. Remember, the human intellect can fail at any time, so how would you recall your trading strategies? Thanks to orders Indicator. This tool will help you to view your past performances in real-time.
Orders Indicator will go as far as showing you the trading date, the strategies applied, and your overall results. Plus, you can also share trades using social media platforms. Once you download and install the orders indicator, you can type text and set different color variations. An indicator that helps you recall your successful trading strategy definitely earns its position as the top 10 mt4 indicators.
#3. Undock Chart
Another excellent indicator for MT4 you need to consider is the undock chart. This tool comes handy when there is a need for you to carry out technical analysis. The only downside with this tool is that you can only use it on one screen, which in all honesty, can be very limiting.
This drawback can be resolved using a simple script provided by our team. All you have got to do is to load the script to the chart, and that would be it. Moving your chart window to a different screen just got more comfortable with the script.
Here comes another powerful trading indicator that definitely earns it’s position as top 10 indicators for MT4. Just as the name suggests, Autofibo helps to draw the Fibonacci retracements using the latest low and high. It does all of these automatically.
This tool makes use of the ZigZag indicator to determine high and low. The accuracy and individual swings size can be influenced simply by adjusting the ZigZag settings.
There is hardly any trader in the world that doesn’t listen out to macroeconomic news releases. Government policies and central bank Interest rates affect the forex market directly or indirectly. Therefore, as a forex trader, it is essential to keep a tab on the latest news releases. NewsCal has got you covered in this regard. Once you download and install NewsCal on your MT4 platform, you will have access to popular trading calendars.
#6. Breakout Zones
Breakout Zones is another useful indicator for MT4. You can use this indicator to mark low and high for a specific period. If you need to set your first trading hour, you can leverage this great indicator. It is user-friendly and can help you achieve a successful trade without any hassles.
#7. SL And TP Values
Do you want to mark the values of your take profit and stop-loss? Then add this trading indicator to your arsenal. SL & TP can help you to mark the numerical values and add the numbers to the tradelines in the chart. Simplicity yet the function definitely makes gives it a spot as our pick of top 10 mt4 indicator.
#8. SHI Channel True
The SHI Channel True indicator automatically shows Barishpolotv moving channels on the MT4 trading platform. It continually looks for common fractals in history and links them up with the line. It works on all timeframes as well as Currency pairs, including M1.
#9. i-Profit Tracker
Every serious trader puts in place adequate performance monitoring for future reference. i-Profit Tracker can help you monitor all your past performances and display them in different time frames.
With this indicator, you will see your current and previous results in real-time. If you like, you can adjust it to monitor your weekly or monthly performances; the tool is capable of doing that. But don’t forget to set your account on the MT4 trading platform to “all history.” This will allow the tool to display all your past performances. Analytics is a tool that runs the forex trading and easy lookup of your trading history definitely earns a spot as a top 10 mt4 indicator.
#10. Xandra Summary
Our list cannot be complete without this powerful tool. It is a necessity for every trader using MT4. This tool will enable you to see selected timeframe, trading instruments, current spread, average daily range, average true range, low and high current timeframe, instrument current price, as well as candlestick countdown. A must have indicator for anyone who is serious about forex trading earning its spot as top 10 mt4 indicator.
Xandra Summary also calculates your open position average values in the chart. To do this, make a horizontaine, and the indicator will move the line to the break-even point.
Final Thoughts Top 10 MT4 Indicators
Trading indicators are essential tools to leverage if you want to succeed as a forex trader. Your human intellect might fail you, but these indicators have got you covered 24/7.
Besides these top 10 MT4 indicators we have highlighted in this article, there are other options available to help you make a good amount of money through trading, so don’t forget to check it out via this link.