17 October 2018, AtoZMarkets - There are thousands of Meta Trader 4 indicators available for trading in the Forex market. You might get confused about which MT 4 indicators to choose, and which one to try out first?
Many custom Meta Trader Forex indicators need further explanation and trading instructions before you can execute them for trading. Others are simple and intuitive.
You might wonder when to start your trading adventure, or how to resolve all that load of numerous methods of trading, whereas the majority of trading opportunities can identify with one of the four chart indicators. You will be able to mount the steering wheel of your business as a professional when you gain enough knowledge about a few basics about FX indicators.
3 Best MT4 Trading Indicators 2018
The list of the 3 Best Free MT 4 indicators are based on the uses and accuracy. Nevertheless, the accuracy of the indicator is 70-80 % if you follow all the rules and never panic. Using custom indicators is easy. All you need is to follow the simple instructions before starting live trading.
#1- Auto Fibonacci indicator
Auto Fibonacci is an indicator that automatically plots a Fibonacci retracement based on the number of bars you select on the Bars-To-Scan setting in the indicator. The indicator can automatically update in real-time as new highest and lowest values appear among the selected bars. You can select which level values to be displayed in the indicator settings.
It is a trend and entry indicator which is suitable for all major Forex pairs. The tool generates enough valid entries per pair per day. Moreover, this indicator can be used in any currency pairs and on any time frame. However, the best timeframe for this indicator is M5 or higher. We would recommend testing higher timeframes first.
#2- Rainbow ATR Trading System
Rainbow ATR trading system is a pure trend following strategy for trading, based on the rainbow averages indicator that is a filtering system in trend. The averages rainbow indicator is green for uptrend and pink for downtrend.
- The Rainbow ATR trading system is a trading system based on ATR Channel and stepchoppy indicators which work best on 15M, 30M, 1H, and 4H time frames and any currency pair.
#3 RMO with Ichimoku Trend Trading System
RMO with Ichimoku trend trading system is a part of the MT4 trading system that is based on RMO is a Metastock indicator. The indicator is combined with the Madlen version, with the arrows.
The Ichimoku cloud filter RMO signals and this strategy also works for trading on the Renko chart. Traders should use it on a time frame of 15 min or higher. Also, you can use this indicator on any currency pair you want to trade.
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