Best MT4 Indicators for Forex Trading

Regarding best MT4 indicators, everything relies on the broker you choose; even though many brokers provide MT4 as their trading platform, selecting the proper one is crucial.

For this reason, we’ve produced a comparison of forex brokers that provide MT4 and several essential trading capabilities, including MT4 indicators.

RoboForex

RoboForex provides a wide variety of trading platforms, which is not surprising as it is one of the most established brokerage firms. They provide cTrader, MT5, and MetaTrader 4 as trading platforms to their customers.

Regarding MT4, they also provide the MetaTrader 4 Multiterminal feature, which enables all RoboForex clients to handle their diverse trading activities more easily from the Members Area. This application allows users to trade the same stocks from various trading accounts.

Admiral Markets

Admiral Markets supports MetaTrader 4 and MetaTrader 5; however, their MetaTrader 4 Supreme Edition plugin is their most significant advantage. This plugin enables users to enjoy an improved version of the very famous MT4 trading platform, which provides them with substantial benefits.

The Supreme version includes additional indications, putting Admiral Markets at the top of the heap regarding the quantity of MT4 indicators accessible on various brokers’ platforms. In addition, their website provides the most comprehensive installation instructions for each indication in their package, so you do not need to depend on text files or second-hand knowledge.

Tickmill

In addition to its broad MT4 support, Tickmill also supports Autochartist, a third-party MT4 plugin that offers sophisticated Forex technical analysis capabilities. Autochartist has an exceptional identification engine that can sift through enormous volumes of data and provide users with insights on critical price levels and chart patterns for Forex currency pairings.

This helps forex traders on Tickmill filter unnecessary data on MT4 and identify trading opportunities far more simply.

What are Support and Resistance

Support and resistance (S&R) is an essential concept in a trader’s day-to-day activity, as it reduces risks and identifies more precise market entry moments.

What is assistance? It is a level or “zone” that acts as a type of barrier against the price’s downward tendency. Therefore, resistance is the level or “zone” that functions as an impediment to price rise.

This article describes a straightforward and successful way to locate support and resistance levels/zones using a free indicator for the popular MetaTrader 4 platform.

Support and Resistance Best Strategies

There are three fundamental trading methods based on support and resistance levels:

1. The reversal
2. The breakout
3. The breakout test

The reversal

This is the most apparent technique when the trader wants to sell around the resistance levels and buy near the support levels.

This method poses a risk of incurring losses during severe market swings. Therefore, you should usually avoid utilizing it while releasing important news.

The Breakout

This method entails selling the item when its price breaches the support level and buying it when it breaches the resistance level.

It is prudent to use this technique during the beginning of busy market sessions (European and American), when important news is anticipated, and when the price has been inside a small range for an extended period.

The Breakout Test

This method employs the “mirror” level idea, in which, after a breakout, resistance acts as support, and previous support becomes resistance.

The accompanying chart illustrates how, during a downward trend, the blue support levels resisted the rising prices, presenting chances to establish a short position.

How to Configure Support and Resistance in MT4

Normal installation of the indicator. Here is a step-by-step instruction for Windows users:

1. Fire up your Metatrader
2. Open the platform data folder using the File/Data Folder option.
3. Open the MQL4/Indicators folder in the folder
4. Insert Support&Resistance.ex4 from the archive you downloaded.
5. Restart the MT4 platform (or refresh the Navigator window).

Verdict

Every successful Forex trader should be familiar with and proficient in the use of a variety of technical analysis strategies. The appropriate forex indicators for each currency pairing are one of the most important requirements to meet. These are add-ons that various brokers make available for trading platforms (such as MetaTrader 4). They are mathematical algorithms and equations that provide traders with additional insights into particular market segments or characteristics.