The Metatrader trading platform has the great advantage of allowing the development and implementation of its own technical indicators thanks to the use of the MQL4 programming language.
In this section you can find the best trading tools for MT4 and MT5 platforms, as well as technical indicators, automatic systems, special calculators, and even formulas to calculate the risk in your operations.
We have selected for you a large collection of technical indicators designed by expert traders that will help you create all kinds of trading systems.
ZigZagOnParabolic indicator is based on two standard MT4/MT5 indicators — ZigZag and Parabolic SAR, it tries to show an improved version of the first one by marking the extrema of the chart with a smaller delay
TradeBreakOut (MetaTrader indicator) indicates the distance of the current price (Close or High/Low) from breaking out of the recently set support or resistance levels, which are detected using local minimums and maximums.
Weekly Breakout Forex expert advisor opens positions in the direction of a breakout from a previous week's range. It uses the Low of the previous week as the stop-loss for its buy orders, and it uses High of the previous week as the stop-loss level for its sell orders.
Traders Dynamic Index is a comprehensive but helpful indicator that uses RSI (Relative Strength Index), its moving averages, and volatility bands (based on Bollinger Bands) to offer traders a full picture of the current Forex market situation.
Round Levels indicator is a MT4/MT5 indicator that displays round levels and zones near them based on your configuration. It can be useful to trade off the natural psychological support and resistance zones.
PersistentAnti Forex expert advisor exploits the idea of trend persistency. It is believed that the Forex market charts may switch between persistent and anti-persistent modes. In a persistent mode, the established trend is likely to continue.
RSIOMA MetaTrader indicator takes two moving averages, calculates their RSI (Relative Strength Index) and then adds a moving average of the calculated RSI. These two lines now can accurately signal the trend changes.
Range Expansion Index (MetaTrader indicator) is a relative oscillator indicator that measures the pace of the price changes and signals overbought/oversold states if the price demonstrates weakness or strength.
What are the MetaTrader indicators?
MT4 and MT5 indicators are technical analysis tools created for forex traders. In simple language, custom forex indicators are mathematical formulas that allow traders to identify what the market trends are and to use these concepts to carry out their operations.
The AtoZMarkets indicator gallery includes a large number of very effective and easy-to-use custom indicates.
We have received most of these tools from their own creators, and for us it is wonderful to be able to share them with all the operators in the market. If you have your own indicator creation, and would like to submit it, please contact us and we will be happy to publish it.
In addition to this, when you download the MT4 or MT5 trading platform you also get some of the most popular trading indicators for free.
What are MT4 plugins or add-ons?
MT4 plugins or add-ons are visual tools that allow traders to customize their MT4 platform. By doing so, traders are able to tailor their trading platform to suit their trading needs.
However, no plugin will give you a guaranteed winning result, and you need to use these tools according to your specific trading purpose.
Traders often combine more than one custom forex plugin and / or indicator to create their own trading strategy.
What is Autochartist?
Autochartist is a program that can identify patterns on the charts using technical indicators from the Metatrader platform. This function monitors the markets 24 hours a day, and notifies you about trading opportunities in real time.
Its software is designed to identify trading opportunities based on support and resistance levels.
Some of the companies listed in our Forex Broker Directory offer Autochartists for free. To install it, you need to open your MT4 and go to the “browser” window and click on “scripts”, where you can see the Autochartist text there.
There are several Autochartist features that are very useful for investors. These include algorithms that automatically analyze markets, a customizable search panel, and a built-in price movement analyzer.
What are Expert Advisors or (EAs)?
Although custom indicators can be used to trade manually, some investors want to use automated trading strategies. The so-called EAs or Expert Advisors are automated trading tools. They are MT4 or MT5 programs that trade on behalf of traders according to their predetermined strategies.
You will find a number of Expert Advisors (EAs) in the AtoZMarkets directory of trading tools. Download these files and paste them into the default MT4 folder for it. If you want to install them on your MT4 you can find them in the “browser” tab at the top left of your MT4. We do not recommend using EAs on real accounts if you are not a professional or advanced trader.
We generally recommend traders to test their EAs on demo accounts first, and once their development is fully controlled, not think about being used on a real account. To activate or test any EA on MT4 you must always make sure that the “auto trading” function in the upper toolbar is activated, and a confirmation of this is that it has a green color.
Once you make sure that the auto trade button is activated, you can drag one of the EAs from your browser windows onto your MT4 price chart. You will see the name of the EA appear on your chart, and if all is well, there will be a smiley face next to the EA name in the upper right corner of your platform.
What are the most common MT4 indicators?
Most traders will always use indicators such as moving averages or averages, the RSI indicator, the MACD, and the Stochastic as a fundamental part of their trading strategy. Also, many of the leading MT4 custom indicators are based on moving averages or RSI.
There are also other indicators considered the best for investors, and among them we find the Ichimoku Kinko Hyo indicator, the Bollinger Bands and the ADX.
How can I create my own custom indicator?
You don’t have to rely solely on other people’s trading strategies or tools to do this.
Creating a custom MT4 / MT5 indicator is similar to creating an Expert Advisor. The procedure to follow is as follows:
Press F4 on the keyboard inside the MT4 platform
This will give the option to open the MetaEditor screen
Then on the MetaEditor screen click where it says “New”
This will open the MQL Wizard
Use the MQL4 wizard to create / write your custom indicator
How can I install my custom MT4 indicators?
Step 1: Download the indicator file to your computer
Step 2: Open the MT4 trading platform
Step 3: Click “Open Data Folder”
Step 4: Open the “MQL4” folder
Step 5: Open the “Indicators” folder
Step 6: Paste the custom MT4 indicator in the “Indicators” folder
Step 7: Restart your trading platform and you are good to go