The Forex market remains the leading hub of top-rated traders and is now hailed as the biggest financial market in the world when it comes to liquidity, market value, and trading volume.
This marks a record-high value of the Forex market amounting to $2.409 quadrillion this year.
Forex Trading has been enabled by MetaTrader – MT4, and MT5. MetaTrader is an extensive trading avenue used by several traders and brokers due to its superb performance and almost unparalleled functionalities. Despite some of its drawbacks, it still serves a relevant role in Forex trading.
A Review on MT4 and MT5
Both remain the top preference for most traders when it comes to Forex trading. MT4 was the establishment in the hopes of creating a single platform that encompasses a wide array of trading services and features.
After five years following its release, MT5 was launched to offer more tools and broader instruments that can be accessed by traders.
MT4 is preferred in terms of a concentrated strategic focus on Forex trading alone. It is even made more useful by its intuitive and easy-to-use design and limitless leverage.
The limitations on MT4 were addressed by the introduction of MT5. Improvements were made, especially in providing a wider variety of asset classes than what was previously available in MT4.
Hence, MT5 becomes more advantageous when dealing with diverse markets aside from Forex. Traders also have the freedom to browse more indicators that can guide them in making accurate market outcomes and trade decisions.
If this is your first time and you are interested to know more, here is a comprehensive guide about MetaTrader. Steps in installing the trading platforms are specified as well.
Why Look into Trading Indicators
Being successful in trading is not solely dependent if one uses a reputable trading platform. It also relies on the trader themselves and their decision-making process. This is where indicators become significantly relevant.
These indicators monitor the market and charting patterns and use this information to predict upcoming market trends and outcomes. This feature implicates the relevance of indicators in assuming possible market movements and basing your trades accordingly.
Simply note that indicators do not guarantee a foolproof profit. They act as instruments that can aid in optimizing smarter and informed trading decisions.
Noteworthy MT4 Indicators You Must Try
Below are some of the best MT4 indicators that you can readily download and integrate into your platform.
Position Size Calculator
It is not enough that you manage risks in trading. Time is also a sensitive aspect that you must factor in. This is where the position size calculator may come in handy.
This indicator determines the number of lots to trade in accordance with variables such as entry and stop-loss level, risk tolerance, account size, account currency, and the cost of the quote currency.
Having a broad knowledge of recent market movements contribute to making profitable trade decisions. This can be further enhanced with Order Indicators. These are tools that allow traders to see an overview of previous market levels and activities.
With its intuitive design and easy-to-navigate features, it is able to provide concise yet in-depth information on the market that every trader can capitalize on.
SHI Channel True
SHI Channel True is an advanced indicator that can reflect dynamic and volatile market movements on its chart. It first plots similar fractals of market history and activity.
These points are then defined by a connecting parallel line. Opposite from it indicates the maximum fractal. Found in the middle is the median parallel line.
This indicator is used in examining critical market movements and price developments.
MT5 Indicators to Improve in Trading
Going beyond MT4 indicators, here are some that you can use with MT5 to level up your trading experience and income.
The first one is BB MACD. From the name itself, it is the end-product of combining MACD and Bollinger Bands indicators.
Originally represented by green or magenta periods, BB MACD changes color when conveying good trading signals. The effectiveness of such signals is further determined by the gap between the blue and red lines of the indicator.
Zigzag’s name is coined from its function of drawing out zigzag lines when charting market activities. It monitors the ascent and descent in market trends. However, one of its major drawbacks is that it can only analyze existing trends and not discover a new one.
When choosing an indicator, make sure that the purpose that it serves is beneficial to your needs and financial goals.
These are just some of the popular indicators available at your disposal. Top-rated platforms also house a variety of in-built indicators and other trading instruments.
It’s imperative to take advantage and capitalize on these technologies to get a better grip on the highly volatile market of Forex.