I sometimes noted that the traders are busy searching for the best trading strategies and indicators. The traders sometimes use outdated or wrong trading methods to trade and thus, got into huge losses. Here, are the Top 5 Free MT4 indicators which traders must use for efficient trading experience.
Top 5 Free MT4 indicators
The list of Top 5 Free MT4 indicators are based on the uses and accuracy. Though, the accuracy of the strategy is 70-80 % if the trader follows all the rules and never panic. So, I am going to briefly explain the list of Top 5 Free MT4 indicators 2016 by giving some examples.
#5 Fibo Machine Pro
All though Fibo Machine Pro is a relatively new indicator in the market but more easy to use with efficient trading experience. If you are the beginner and looking for best trading strategies, then Fibo Machine Pro is accurate forex for you. The Fibo Machine Pro indicator is designed to work on M15, M30, H1, H4 and D1 timeframes. Moreover, It’s not an artificial intelligence software still, Fibonacci Indicator will show smart signal to buy or sell.
Fibo Machine Pro has a user-friendly interface for beginner trader. On the upper left corner, the indicator displays precise target levels, trend direction, and event time until the next candle. It addition, entry level, stop loss level and three take profits levels displayed on your chart. Therefore, it boils down to your preference and trading experience which one to use as take profit level.
Safe Take Profit: This level is suitable for traders who are either new to Forex, Fibonacci analysis, or are testing out the indicator. It offers a safe and controlled trading strategy.
Medium Take Profit: This is the natural progression from the safe take profit level and is a level to aim for in order to achieve the highest profitability by using the correct Risk/Reward ratio.
Aggressive Take Profit: This level should be used only if an underlying trend based on your personal analysis aligns with the entered setup. Or is otherwise technically correct.
Note: You can simply download the file by clicking here Fibo Machine Pro indicator
#4 Fibonacci Miracle Trading System
Fibonacci Miracle indicator is a Forex custom indicator to be used on MT4 and MT5. Although the system is quite easy to understand and to set up, it is recommendable to combine Fibonacci Miracle indicator with 50 periods and 200 periods SMA on hourly chart for maximized results.
Fibonacci Miracle indicator will help you to eliminate the noise in the market and combined with the 50 and 200 periods SMA traders will get the opportunity to see and spot the entry points by simply following the trend instead of going against the trend. Fibonacci Miracle Trading System will plot entry position, stop loss level and two take profit levels, one being the average and second one being aggressive.
Note: You can simply download the file by clicking here Fibonacci Miracle
#3 Market Profile tool, find the strongest S/R levels
Market Profile tool will help you to identify the strongest support and resistance levels which the market does obey to so that you wouldn’t be caught off guard by that nice level which proved to be fake again.
There are different ways to use the market profile. Usually, the trader is looking for extremely high values (spikes to the right side) to determine the strongest market levels. These areas are also used as high probability Take Profit targets. They act statistically as magnets because price traded in the past larger periods of time in those areas. As a trading strategy, price tends to trade from one peak to another. So if price leaves the peak, it usually cross easily the valley and climbs to the next one.To be relevant, the market profile should be computed with as many data as possible. The indicator automatically determines the best time frame available for the time range set by the user.
Note: You can simply download the file by clicking here Market Profile tool
#2 Bollinger Bands and Fractal trading strategy
Bollinger Bands and Fractal trading strategy is the simple MT4 trading system that uses two classical indicators. It has been tested on the live account for three months and has profitability of 67%. For Bollinger Bands and Fractal trading strategy, you will need two classical indicators. Bollinger Bands (period 14, deviations 2) and Fractal indicators. You can easily Find these indicators in MetaTrader 4 platform, but we have included them in the download section just in case. The GBPUSD most recommended pair to use this strategy, but it can also be used on other main Forex pairs.
Once you have prepared your MT4 for trading Bollinger Bands and Fractal trading strategy then you have to wait for trading signals to open pending orders, it will be buying stop order or sell stop order. After identifying the signals you’ll have to place the pending order, set the stop loss, take profit, or trailing stop levels.
Conditions to buy
The signal will be clearly visible. When Fractal will appear above Bollinger Bands upper band place a buy stop pending order on candle high.
Conditions to sell
The signal will be clearly visible. When Fractal will appear below Bollinger Bands lower band place a sell stop pending order on candle low.
Note: You can simply download the file by clicking here Bollinger Bands and Fractal trading strategy
#1 AtoZ Magic Forex Strategy
AtoZ Magic Forex Strategy includes a downloadable WinRar file which has two indicators and a template file inside.
The strategy was created by Yagub Rahimov by combining 2 indicators which generate results like a MAGIC, hence he calls it AtoZ Magic Forex Strategy. It's worth noting that the author does not claim copyrights on the pivot Point indicator, however, the Custom AtoZForex.com indicator is a special stochastic indicator which is aligned according to the Fibonacci sequences.
The strategy based on Intraday Market sentiment based on the past 3 days and focuses on reversal points with confirmation given by both indicators. You can use AtoZ Magic Forex Strategy for generating daily 30-50 pips almost every day, thus making yourself a consistent trading strategy.
Note: You can simply download the file by clicking here AtoZ Magic Forex Strategy.
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