MT4 known as MetaTrader 4 is one of the most famous and largely used trading platforms for retail traders. Due to its vast range of forex indicators and, it gives user-friendly and various charting tools that help the trader in all things. No matter, you are a newbie or a professional trader, MT4 offers standard plus custom indicators that will fill your all trading needs.
As MetaTrader 4 is free and available to everyone, it lacks a few functions that only are available in paid professional trading platforms. But you don’t need to worry because without these functions you can even make a profitable trade. Due to the paid platforms and extra functions you only get an edge that secures you more in trading.
Due to the easy programming software in MT4, you will find many free indicators online that give you an edge which you can only find in paid professional software.
Today we will discuss the top 5 mt4 indicators that will ease your trading life and will help you to get more profit from trading. You can easily download these indicators fromSo let’s start!
Top 5 Forex MT4 Indicators That Will Make Your Trading Easy 2020
1. Orders Indicator
History of any trading can help you to decide what you should do to perform better and for your help Order Indicator is here which shows your past trades in the form of a chart. It helps you to understand the market and what was your performance and now in the future what strategy you have to apply.
Orders Indicator is user-friendly, once you have loaded it to MT4 you can change the type of font, colors, and all other variables. You can download the Orders Indicator from the official website.
2. Relative Strength Index (RSI)
RSI is a leading indicator that highlights the ratio of movement of upward price and movement of downward price and then normalizes the calculations in order to show the trend strength between the range of 0 to 100.
There are two points that you need to follow. First is when RSI > 70, then it indicates that the market is overbought and it is not right time to buy as the price had increased beyond the market expectations. Second is when RSI < 30, it indicates that market product is oversold and it may increase in price in the future so it is the right time to buy something. Indications of more than 70 are the time to sell products and less than 30 indicates buying the product.
3. Position Size Calculator
Proper risk management is the most important part of every trade and also in all businesses as it helps to know what possible risks are involved in the trade. In the new position in MT4, you will not see the % of your equity that you are going to risk in the trade.
You can calculate the size of the lot and pip value prior, but the issue is time factor as it is very important in trading and for this, we recommend every trader the position size calculator indicator.
The position size calculator helps you to know how many lots of trades are based on entry and stop-loss level, account size, risk tolerance, account currency, and price of the quote currency.
4. Undock Chart
Third indicator on our list is the Undock chart that helps you to move your chart on different screens. In MT4, there is a big problem that is you can only use it on one screen which makes it limited. Undock Chart is a simple script from IBFX that can solve this problem. You just have to load the script into the MT4 chart and you are good to go.
The last indicator is the Moving Average Convergence Divergence (MACD) indicator that shows the relationship between two moving price averages. It is one of the most used indicators by swing traders and intraday.
There are three EMAs, the 26-days Exponential Moving Average is subtracted from the 12-days EMA which comes out the faster-moving average. The third is 9-days EMA which acts as a signal line whose purpose is to show triggering buy and sell signals. The 9-days EMA is a slower-moving average.
The faster-moving average line changes when the price changes and it crossover the 9-day EMA line which indicates the new trend formation. It helps the traders to understand the market and take the step at the right time. That’s why it is being used by many traders today.
These are the top 5 Forex MT4 Indicators That Will Make Your Trading Easy 2020. We strongly recommend whether you are a newbie or a professional you must load these indicators in MT4 and make profitable trades today.