MT4 Indicators and Add-Ons
Customisable efficiency and simplicity. The most popular trading indicators provide you with clear and precise trade signals.
Whatever market you trade, indicators should guide your trading strategy. Whilst add-ons help to simplify your trading process.
What Are MT4 Indicators?
Meta Trader 4 (MT4) indicators involve the mathematical calculation of the price, time or volume, to give you a leading or lagging trade signal. A trade signal is simply an indication of when to buy or sell a financial asset like a Forex pair, cryptocurrency or index.
Indicators are vital tools to ensure you get the best out of your MT4 platform and ATFX account. Indicators help you recognise price patterns and add extra confirmation to your trading strategy.
There is nothing like a perfect MT4 indicator with a 100% success rate to ensure that all of your trades are profitable. But an excellent MT4 indicator will help you understand the markets better, and a combination of indicators could provide you with an edge over the market.
Download The Best MT4 Indicators
Choosing the best MT4 indicator depends on your trading strategy.
For example, a day trader might apply a different series of indicators than a swing trader. It is a case of finding an indicator that works well with your strategy, testing it and sticking to it if it works.
For example, a trend following trader might use moving averages to determine if the trend is up or down, combining it with the RSI indicator and price channels to identify when the price is overbought or oversold to the trend. On the other hand, a trader that exploits range bound markets might rely heavily on the ADX indicator, the RSI indicator, and horizontal support and resistance levels.
Whatever trading style you want to apply, you can use more than 2,000 indicators available on the MT4 Platform. Many indicators are free and built into the MetaTrader 4 trading platform. Others you can buy and install. You can even commission developers to create an indicator for you or write your indicator if you are interested in coding.
The section below will outline some premium MT4 indicators included with your ATFX MT4 live account.
ATFX Support and Resistance Indicator for MT4
The ATFX Support and Resistance Indicator for MT4 is a premium, proprietary indicator developed by the broker’s IT team and is exclusively available to ATFX MT4 account holders.
The dynamic MT4 support and resistance indicator plots the trends of over 20 markets. It shows the levels where traders are likely to enter the markets, place stop-loss, and take profit orders. The indicator is adaptable to the markets and will not show levels when the probability of success is low. You can try the S&R indicator today with the ATFX MT4 account.
Trading Central is an award-winning and regulated service that directly offers trade signals for the most popular markets on your MT4 account. Once the MT4 add-on is installed in your ATFX account, you will see the trade ideas directly on your chart. You can use it as a second opinion before opening a trade.
Autochartist is another quality signal provider that automatically analyses classic and Fibonacci chart patterns. You can add it as an MT4 plugin to your charts to quickly shift between different trading ideas. It also provides a forecast of the daily price range.
Download MetaTrader 4 add-ons
An MT4 add-on is an extra software program installed on the MT4 platform. ATFX offers unique add-ons like the Economic calendar and the Position size calculator. But there are many MT4 add-ons provided by independent firms that you could buy to make your trading easier.
The ATFX economic calendar is an MT4 add-on that will show you critical economic events on your MT4 trading terminal. You can use it to know when volatility could pick up to enter new trade positions and protect your current positions.
For example, central bank meetings tend to mark the start of forex price trends, and the price of a forex pair is prone to spike up and down during these events. With ATFX’s forex economic calendar add-on for MT4, you could place alerts in the system to take action on these events. So download and try the economic calendar today.
Position size calculator
The ATFX forex position size calculator helps you determine the correct trade size needed to manage your risk exposure appropriately. It also works with other markets like indices, commodities, and cryptocurrencies. The position size calculator for MT4 allows you to determine stop-loss, entry and take profit levels directly on your MT4 chart. It also automatically provides you with the lot size needed to limit your losses in each trade to a specific percentage of your choosing or a specific dollar amount. Try it today: Position size calculator MT4.
Free Inbuilt MT4 Indicators
The MT4 comes with several inbuilt and pre-installed indicators. They include the classics like the Moving averages, Bollinger bands, RSI and MACD. Below you can learn more about some of them.
Moving averages indicator on MT4
The Moving Average indicator on MT4 shows the average price for the chosen period, like 20, 50 or 200 days. If the moving average is heading higher, this suggests that the asset is in an uptrend and might keep rising. However, buying the asset when the price is way above the moving average is not recommended. Instead, traders can use moving averages to figure out the optimal periods for each market and how to trade depending on the slope and location of the moving average. Most traders use more than one moving average and trade based on moving average crossovers.
RSI indicator on MT4
The RSI indicator on MT4 helps you determine the relative strength of recent price movements. In addition, it often identifies when a trend loses momentum and slows down. For example, if the RSI is set to 14 periods and it is above 70, this shows the price has been rising over the last 14 periods.
Bollinger bands indicator on MT4
The MT4 Bollinger Bands indicator is an oscillator that measures price volatility, helping traders identify if the price is high or low compared to the recent price behaviour. Bollinger bands are typically set to 20 periods with three lines. The middle line is the 20-period moving average, and the upper and lower bands indicate whether the price is overbought or oversold compared to the 20-day moving average.
Fibonacci levels indicator on MT4
Based on the critical numbers identified by mathematician Leonardo Fibonacci in the 13th century. The Fibonacci indicator MT4 helps you identify entry and exit levels for your trades. Applying the Fibonacci indicator is an art, but traders typically draw the levels starting from significant swing highs and swing lows.
Average true range (ATR) indicator on MT4
The average true range (ATR) indicator on MT4 compares market volatility to predetermined volatility ranges. As the probability of exceeding such ranges is low, it helps confirm trade targets and stop loss order placement. In short, it measures the daily average volatility. For example, the ATR for the EURUSD might be 100, meaning the average daily trading range is 100 pips. You can use this to determine the optimal level to take profits and place stop-loss orders.
On-balance volume indicator MT4
The on-balance volume indicator on MT4 indicates whether the volume flows in or out of a given asset and is displayed below the chart. It helps determine the strength of a market and can provide insight into the start and end of a trend.
MACD indicator on MT4
The MACD indicator on MT4 shows you the convergence or divergence of moving averages and helps you decide whether a trend is likely to continue or come to an end.
MT4 Indicators FAQs
Below, you will find some of the most frequently asked questions regarding MetaTrader 4 indicators and add-ons.
Adding Indicators to your MT4 trading charts is a straightforward process. It only takes four simple steps:
First, open your MT4 platform and choose an asset chart.
Next, go to the navigation window on the left and scroll down the menu to indicators.
Next, select the indicator you want to use and drag and drop it onto your chart.
Finally, determine the indicator settings and hit OK.
Yes, you can create custom indicators. But most MT4 users will select a small group of indicators from the thousands of free custom indicators available.
Generally, only advanced traders use the full capacity of the MT4 platform and the MQL language to create custom indicators. Many of them adjust current indicators from the standard settings.
To add a custom indicator, you will need to do the following:
- First, locate the MT4 custom indicator from your computer.
- Next, open the data folder on MT4 (File → Open Data Folder).
- Open the MQL4 file and then the indicators folder.
- Copy the custom indicator from your computer into this folder.
- Restart the MT4 platform.
- Locate the custom indicators in the navigation panel.
Each indicator will automatically be placed over the chart or underneath as an oscillator.
Placing MT4 indicators on your chart couldn’t be simpler. As previously explained, you select the technical indicator you wish to use, click it, drag and drop it onto your chart.
Support and resistance levels are some of the most critical indicators to help predict market direction. The MT4 has several indicators that can help in identifying significant levels.
There are two specific indicators you can use for support and resistance levels: the ‘Support and Resistance Indicator MT4’ and ‘Support Resistance’.
Otherwise, several other indicators provide proper support and resistance levels but aren’t considered solely as MT4 support and resistance indicators. These include; pivot points, Camarilla, Fibonacci, and many more.
Traders must familiarize themselves with the MT4 as a primary trading platform and explore its full capability by downloading an ATFX MT4 demo account. Financial trading is a personal business, and not all strategies suit every individual and personality.
ATFX and MT4 have developed a robust partnership to benefit you. You don’t have to search the internet for the most popular, robust, stable and efficient trading platform because MT4 is the platform that meets all the above criteria.
Open your MT4 account here to begin your trading.
The MT4 also comes preloaded with various automated trading strategies known as EAs (expert advisors) to the MT4 community. They are essentially an algorithm that trades for you. This is the next step for people keen on coding who want to automate their trading. You can also find independent coders online that can help you code your own EA based on the trading rules you provide. Also, you will find people selling custom EAs, but it is always worthwhile to demo-test EAs before buying them.
The MT4 also comes preloaded with a variety of suggested trading strategies.
Known as EAs (expert advisors) to the MT4 community. They are essentially an algorithm that trades for you. This is the next step for people keen on coding and who would like to automate their trading. You can also find independent coders online that could help you code your own EA based on the trading rules that you provide. Also, you will find people selling EAs, but it is always worthwhile to demo test EAs before buying them.