Is there a free forex best indicator?
Basically, Metatrader has provided various technical indicators to analyze and predict future price movements, traders can use the default indicator
However, not all traders will be satisfied using only the default Metatrader indicator.
So they are still looking for Custom Indicators.
These can be added to the Metatrader 4 and Metatrader 5 platforms.
For this reason, we will try to explore some free indicators that might be of interest to traders.
Which traders might use as a market analysis toolFree forex support and resistance indicator
Support and resistance indicators are very useful for traders both stocks and forex, this is a basic analysis in mapping the market conditions
By paying attention to this area, the trader will get an overview to determine their entry and exit by referring to the support and resistance area.
- Easy to use and run automatically
- it’s enough to describe valid and strong support and resistance to relying on
- Can be used for all currency pairs and time frames
- It can be set for multi-time frames so that the support resistance zone in a large time frame can be displayed on a small TF or vice versa
- Does not describe the latest and closest support and resistance areas, focusing more on a clear and strong SR zone
- Depiction of the area that is not up to the body candle
- Too fast to delete the touched zone
- Makes traders spoiled and doesn’t want to practice drawing their own support and resistance lines
This indicator provides a description of four types of support and resistance areas
- Resistance area with a red color
- Support area become Resistance/turncoat resistance
- Support area with blue color
- Resistance area becomes support/turncoat support
After you download the indicator file, you then enter the file on your MT4
If you have never put an indicator on mt4 then your first step is to open the mt4 platform
From the platform, click the “file” on the top left side of the platform, then find and click “open data folder”
There you will find several folders, then you look for the folder indicator, and copy and paste a file in the folder “indicator”
Then to display the indicator you can close the mt4 platform first and then open it again
Or a faster way is to point your cursor on the “navigator” window then highlight the indicator and right-click, then choose refresh, then the new indicator you install will appear
Free forex candlestick pattern indicator
One of the biggest difficulties for traders who want to try a price action technique is to read the candlestick pattern itself.
What is the price formation now? or when will this pattern appear? are questions that often arise when observing the chart for beginners.
But with the tool of custom indicators, this problem can be easily overcome by using a candle pattern tracker indi
Referred to as a candle pattern tracker, this indi is able to detect when a Doji pattern is formed.
When the Shooting Star pattern appears, as well as an indication of what the patterns signal.
The tracker pattern candle is an all in one indi for price action traders.
Starting from the name of the candle pattern that appears until the next price direction, this indicator can display it on one chart.
Description of indicators
The candle pattern tracker consists of several elements, including:
- A yellow sign that resembles a small index finger. The appearance of this yellow sign is always in the position of a particular candle pattern.
- The code is red and blue. Appears to coincide with the yellow mark, this text code is initial of the candle pattern formed. Red represents a bearish candle pattern, while blue reflects a bullish formation.
- Information on the left-hand corner of the chart. This section explains each of the initials that appear as a text of blue or red around the price.
Not only does it describe the initials of the tracking signal candle pattern, but this particular part also divides initials based on bullish and bearish signals.
Basically, the formations that can be identified by the tracker pattern consist of Shooting Star, Engulfing, Hammer, formation of 3 Morning candles and Evening Star, and Piercing Line Pattern.
How to trade with a Tracker candlestick pattern
The candle pattern tracker shows a bullish signal if:
- A yellow sign appears pointing upwards.
- There is a blue text (initials for a bullish candle pattern) that appears below the price.
The candle pattern tracker shows a bearish signal if:
- A yellow sign appears pointing down.
- The red text in the form of initials for the bearish candle pattern appears above the price.
How to Install
To install on your mt4 platform, just like installing the support and resistance indicators described earlier, you download the file then open your platform’s data folder, and look for the folder “indicator” and then copy and paste the file in the folder
The candle pattern tracking indicator has a variety of components specifically designed to facilitate price action traders in recognizing the appearance of important formations and interpreting their signals.
However, the use of indicators or other methods of technical analysis as a compliment is strongly recommended, because the candle pattern tracker is only a lagging indicator that informs the estimated price direction in the future, based on the price formation that has been formed.
So it’s best, use a tracer candle pattern as one of the confirmatory to open positions, not the only basis for opening positions.
Free forex dashboard indicator
Dashboard Trend is a tool. Its nature only provides information about the ups and downs of a price. The conclusion of the trader is the main factor in knowing the current state of the trend.
Has a different color with each movement. Maybe at 15-time frame prices tend to rise, it will likely be different at 30-time frames.
Prices may actually go down. So the conclusion that will be used is global, what color is the current indicator? if most of the red color shows the downtrend, and if the color is blue it indicates trend up.
How to Trade Recommendation
Because the indi that has been used so far is to use graphics, while the Dashboard Trend only uses the direction of the arrow from each signal. So focus on how many arrows occur, maybe this needs adjustment
For example the arrows currently available from one-time frame to the Daily time frame show red, the main focus is to open sell in each trade. Find the right open position in the sell action. If indeed most of the colors are green, traders only focus on open buy, don’t open sell.
How to Install
To install you first do is download the file, then like how to install another indicator, you need to open the mt4 platform data folder then find the “indicator” folder
The downloaded file then you copy and paste it on the “indicator” folder, to display the indi you point the cursor to the navigation and highlight indicator then right click and select the refresh
Nitro forex indicator free download
Nitro forex indicators are indicators that help traders to do scalping trading
Mega TrendFX Nitro 5.0 uses the biggest scalping strategy based on current trend and momentum direction.
This system works by doing most of the analysis based on price action by using a strong trend detection indicator and displaying signals for users clearly enough to help traders make decisions
Mega TrendFX Nitro 5.0 is one of the best scalping systems with consistent signals and a fairly stable level of profit.
In addition, this system can be applied to all types of currency pairs and is most suitable with graphs M5 and M15.
- H Trend Detector: displays information on the current trend, this Indicator also states the trend strength level indicated by a number.
- ABC Trend Meter: measures secondary trends that analyze trends in detail based on the M10, M20 and H2 time frames
- Market Trend Monitor: is a market data source of several major currency pairs and shows the direction of their trend in one window
- Clear Chart 2: this is the most important point of this trading strategy. Looks like the Ichimoku Cloud indicator which also works in the same way to detect trends.
Prices below the level are considered a bearish trend and above the level indicates a bullish trend.
How to trade
- The indicator Clear Chart 2 points up
- The closing price of the Candle Bar is above the Clear Chart 2 level
- The H Trend Detector signals a bullish trend with an up arrow
- ABC Trend Meter shows three successive arrows
- Place stop loss below the Clear Chart 2 indicator level
- Close orders every time the H and ABC Trend Meter Detector Trend signals the opposite trend.
- Prices are below the Clear Chart 2 indicator
- The closing price of the Candle Bar is below the level of the Clear Chart 2 indicator
- Trend Detector H signals a bearish trend with a down arrow
- ABC Trend Meter gives three consecutive down arrows
- Place a stop loss above the Clear Chart 2 level
- Close orders every time the H and ABC Trend Meter Detector Trend signals the opposite trend.
How to install
The file is in the form of ZIP, you need to extract the Nitro v5 file and Clear chart 2 and also the signal nitro forex template
To install both indicators, namely Nitro v5 and Clear chart 2, such as the steps to install the indicators described earlier, open the data folder from the mt4 platform and copy paste the file to the “indicator” folder
As for tpl files or templates, you copy and paste them into the template folder, then in the navigation window you right-click and refresh to display the new indicators and templates
Forex breakout indicator free download
Trading with a breakout condition is a price movement in one direction after breaking through the area of support or resistance in a relatively short time.
Because of the popular breakout strategy, many experts make breakout indicators, one of which is the SDX Zone breakout software.
The software is able to simplify the process of identifying the complete breakout potential with a guide to opening a position.
SDX Breakout Zone is only limited to low timeframes from M1 to H4.
The movement of candlesticks at low timeframes is usually choppy and has a high risk of false signals.
Therefore, this software is intended for scalpers with medium to the high trading experience.
The SDX Zone Breakout will plot two lines, namely the support line (the default purple color) and the resistance line (the default color is blue). The dashed line above the resistance line is the Target Profit (TP) or Stop Loss (SL) if it is above the resistance line. Conversely, the dashed line below the resistance line is SL or TP if it is below support.
The circle mark on the SDX Zone Breakout indicates a breakout at the nearest resistance or support limit.
How to Trade
- If a circle mark appears on the resistance line, then the price will skyrocket upwards. Prepare a buy order around the resistance limit or use the PipsForEntry option for the entry standard.
- If a circle mark appears on the support line, it means the price will plunge down. Prepare sell orders around the support line.
You can also change the color or line instructions in the SDX Zone Breakout indicator panel. Double click on the indicator to bring up the options panel:
- DoEntryAlerts: sends alerts if a circle appears. Select the condition “true” to activate the alarm.
- PipsForEntry: input how far the entry line is to the support or resistance line. 1 pip = 10 units.
- PipsTarget: TP target input. 1 pip = 10 units.
- PipsStop: SL target input. 1 pip = 10 units.
- ShowTarget: input value 1 to indicate the line TP, or value 0 to hide it.
- ShowStop: input value 1 indicates the SL line, or 0 to hide it.
Forex Fibonacci indicator free download
One the tool is the Fibonacci tool that has been made better at identifying markets.
In this Fibo you can do the analysis, as usual, namely the Fibonacci retracement.
But you don’t need to draw at the Fibo line like the tools on the MetaTrader.
All you need to prepare is the current chart and the Fibo tool will automatically apply or draw a line.
The Auto Fibo tool is enough to provide you with easy to draw Fibonacci
Its use is quite easy, you just put the indicator on the chart and when it is also an indicator the Fibo tool can find the highest and lowest history points more precisely
This makes it possible to trade in all time frame periods because the focus used by Fibonacci is to apply daily as a reference for the analysis.
This Fibo tool includes a tool that can help traders analyze in translating markets to look for opportunities to profit maximally.
The Fibo tool has a slightly different feature compared to the Fibonacci retracement of the default MetaTrader.
Forex meter indicator free
The forex Meter indicator is an indicator tool because it only compares one currency to another.
Unlike other indicators, the nature of the bar tucked into the indicator makes it easier for traders to recognize a current trend.
If there are differences in the trend or the occurrence of a large trend, the indicator will immediately give an indication of the occurrence of the trend.
So you will be early to recognize a trend.
The bar on the indicator has various colors. Starting from red to green.
If red means that the trend is weak, while when the color becomes green, the trend is strong.
How to trade
Focus on the value of the USD vs. the value of other major currencies. Because the USD currency is used in all comparisons of world currencies, you use USD as the main currency.
While the other supporting currencies are only for comparison with the USD currency.
For example, when you want to see the buy option on the trend AUDUSD, the main focus is the USD vs. AUD value.
Look at when the USD is weakening which is indicated by a red bar and has only 1 bar.
While the AUD value sees the bar has reached green and maximum or not, if it is already the signal buy has been obtained.
You can make a buy transaction when the indication occurs.
Free forex news indicator
Traders who like to trade with news, usually they will search for news through websites that display economic calendar schedules, for example at forexfactory or at dailyfx and so on
But by using this news indicator, it will be easier to find out which news will be released
This indicator shows a dashed line with an attached label that shows the name of the currency and the importance of certain news.
If there are several news items coming out at the same time, they will be grouped together.
News will be marked as high, and currency pairs will be separated by commas.
How to use
Click the news displayed in the lower right corner of the chart with the left mouse button, a window will appear showing more detailed information about the related news
How to install
If you have got the Fx news indicator file, then, as usual, you need to open the mt4 platform data folder then find the indicator folder, this is inside the MQL4 folder, then copy paste the file to the indicator folder.
But the step you need to do is you have to check Allow DLL. import
For this you click Tool – >> Option – >> expert advisor – >> checkbox Allow DLL import
You can use custom indicators as your trading tool, but you may only need to choose which one you need.
Because if all the indicators you use, besides going to make the chart full of lines, this might also affect the speed of your platform because too much bandwidth is used
Learning a trading system requires patience and evaluation, when you use one tool, make sure that you are really interested in knowing the weaknesses and strengths of the indicator, so you don’t easily change the indicator is only one reason for failure