Are you looking for the best and free MT4 Forex Indicators? What’s the difference between a good free forex indicator and a bad one?
In this article, we are going to introduce 10 free forex indicators that have been most downloaded from our Trend Following System blog. These 10 indicators are all compatible with the MetaTrader 4 platform.
Forex trading is fast-paced and exciting. It’s one of the most promising markets. But forex trading is also quite volatile which makes it tough for newbie traders to experience consistent wins to become a successful full-time trader. That’s why, today, I’m offering here a collection of 10 free Forex indicators for Metatrader 4.
Please be noted that the top indicators mentioned here are based on the popularity among the visitors on this blog and it is not an independent claim.
While these are the most popular indicators, the trader should choose the indicator that is most suitable to one’s personality. Furthermore, the trader should trade in the demo at first to get confidence before jumping into the real account.
List of Free MT4 Forex Indicators
Forex indicators play a vital role in the success or failure of a forex trader as indicators are responsible for triggering buy and sell signals. A top 10 list of free MT4 Forex Indicators are given below.
We have linked each MT4 indicator, please visit the respective link to download and use it into your MetaTrader platform.
The mentioned indicator comes first in terms of popularity among the TFS readers. This is not a indicator itself though. This particular algorithm is helpful because it plots the indicators automatically on the chart which saves the time of the trader. Trend lines are used by price action traders so it may be very useful to those category of traders.
This indicator is based on the dynamic channel plots that is formed on the charts. The beauty of this indicator is that it works both in trending and sideways market. Forex CAP Channel Trading Indicator generates buy signal when the price bounces from the lower channel band and it generates selling signal when the price reversed from the upper band of the channel.
Trend Magic Indicator is a very simple yet powerful trend based indicator. The very basic idea behind this indicator is to buy when the trend line is blue and sell when the trend line is red.
The Forex pattern 123 Indicator is helpful for wave traders because it plots the possible waves on the chart automatically. This indicator can be helpful for the patterns traders, harmonic pattern traders, and Elliott wave traders.
Super Trend Profit Indicator is another simple yet useful indicator. As it acts like a moving average, the indicator works best when the market is trending. For filtering if the market is trending, the trader can use indicators like ADX.
Heiken Ashi Exit Indicator is a trend-following forex trading indicator that is one of the most decent forex trading indicators to smoothen the noisy market. Heiken Ashi Exit indicator is actually a different kind of candlestick chart as its open, high, low, and close are formed on the basis of average of historical prices. Due to its averaing nature, the chart plotted by the Heiken Ashi Exit Indicator generates a much more smoother and reliable market signals.
Half Trend Buy Sell Indicator is a technical indicator that is formed on the basis of trend and momentum. The indicator is pretty much quick in spotting the reversals which helps traders to enter at the very early phase of the trend and exit as soon as the market reverses.
Zone Indicator is the easiest way to draw historical support/resistance levels directly on your trading chart. This tool is excellent historical support and resistance based Forex trading indicator
Price Border Indicator helps traders to identify probable areas of support and resistance as well as possible swing high or swing low levels in the market. These levels are more accurate than using traditional moving average lines that lag and do not properly plot multiple swings.
This indicator gives information on the whereabouts of the trend of the market across various timeframes. The candle formations are based on the MACD formula.
At last, to my Trend Following System’s visitors! I want to say that it is extremely important to get familiar with the indicator before making a real trade. The same indicator may work for one trader and it may not work for another. Every indicator has different trading styles in terms of the frequency of trades, time frame, and risk to reward ratio.
First, the trader has to understand what kind of trader he/she is. Some like to trade frequently and aggressively with a lower risk to reward ratio while some are risk-averse traders who like to have larger RRR.
Thus, the trader has to put enough effort and time to understand the nature of the indicator so that it matches with one’s trading personality. There is no indicator that will yield you profits all the time.
The ability to get you out of the market when the signal is wrong is one of the most important features of the indicator that distinguishes the good from the bad. Most of the time, risk management and the discipline to follow the rules count more than the strategy itself.