As a trader, one of the first things I do right after installing Metatrader 4 is to go and get all of my favorite indicators/tools.
This is my list of the top 10 Metatrader 4 indicators that I use and that make my live easier and improve my trading.
1. Key PA Levels
The first indicator is called Key Price Action Levels and it works by creating horizontal lines for price levels that are relevant for traders. These are psychological levels of support and resistance and they often work because we think in whole numbers, and when placing stops or limits, human beings will most likely use these prices.
Round numbers are important. This was one of the first concepts that I learned about forex trading, and this is one of the first indicators I that I put on a chart whenever I analyze a currency pair.
2. Session High Low
If you are trading intraday, the ability to keep an eye on the different trading sessions and their relevant levels is very important.
I like this indicator because it not only informs you when a session starts and ends, but it also shows you the high and low levels that were achieved in that session. You can also easily see the overlap time between sessions. This indicator comes from cjatradingtools.com, and I recommend you explore their website, they have some other very good indicators.
3. Support & Resistance Price Zones
Horizontal levels of support and resistance are one of the most reliable ways to trade. However, I don't know about you, but when I started trading I wasn't very confident in the levels that I drew.
That's when i found this indicator. It uses fractals to find the levels of support and resistance. It then categorizes them in order of verified, unverified, tested, untested and strong and weak zones.
This is definitely one of the better support and resistance indicators that I have ever found, and I strongly recommend it to new traders that are not yet experienced in drawing the levels by themselves.
4. Equity and Balance
This one is an indicator that I frequently like to use in conjunction with my robots. Whenever I'm live testing or trading a robot I usually use this indicator to easily see at a glance how the robot is doing.
It is very helpful in knowing what recent trades were taken and what were their results. Ideally this should show a steady line growing in direction of the upper right corner. However I cant say that this has been my case 🙂
5. MTF Bollinger Bands
This indicator is one of the indicators that I personally developed. One of my favorite strategies to trade uses Bollinger Bands and requires that I keep in mind the Bollinger Bands from higher timeframes.
So I developed this indicator because I wanted to be able see on the same chart the Bollinger Bands from different timeframes. I use it frequently instead of the default BBands indicator that comes installed with metatrader.
6. Daily Profit Loss
This indicator is somewhat similar to the Equity indicator, but instead of showing show your trade results on a line chart, it presents them on a small table on the top right corner.
It shows your trading results in points, money earned/lost and percent change of your account based on several periods. Like the Equity indicator, it is also very useful for keeping track of your trading.
7. Daily Data
This indicator will draw a box on all of the candles of the current trading day and show you the daily candle on the right side of the chart. This way you can easily see the open, high and low of the day and understand how the day is unfolding. It is mostly useful if you are doing intraday trading.
It also has the ability to show additional information, like the current range and the pips distance from the day high and low. It is a good indicator to use in conjunction with the Session High Low.
There are a lot of news indicators. After experimenting with some of them, I found this one to be one of the simpler ones and my personal favorite.
It is easy to configure and has several useful features. Besides showing a simple table with the news, it can also show event flags, and news lines on the price chart. I highly recommend it.
9. Strategy Checklist
This is one of the first indicators that I have ever developed. At the time I wanted something to help me in my discretionary trading.
A simple checklist that would be always attached to the chart. This way there would be no excuse for not following my strategy. It has definitely helped to prevent me from taking trades for the wrong reasons.
10. Zig Zag Value
And last but certainly not least, the Zig Zag indicator is an indicator basically serves to simplify the price movement. It does that by filtering out smaller price movements.
This is very useful indicator if you trade using fibonacci retracements and projections.