In the world of forex indicators, you will find so many options that work in Metatrader 4. Most of these indicators are excellent and work effectively on the platform. While their effectiveness is welcome, some of them are not widely accepted among traders. The problem with relatively unknown indicators is that information about their functionality is scarce on the web. This is why a lot of traders would rather use the common indicators used extensively by traders of all kinds. Choosing a popular forex indicator gives you a better shot at success. Below is a quick highlight of some of the most popular indicators in MetaTrader 4.
Scalping Grail Trading System
This indicator is one of the most efficient systems that work at short intervals. The basic functionality of the system involves tracking the price action and general momentum generated in the forex trading market. Just like most other indicators, two currencies are supported on the platform and their performance in the market is monitored on a short interval basis. There are numerous alerts included on the system including the GSO Alert. This alert is very useful for determining the best buying and selling times.
Custom Tick Chart Indicator
The key factor that sets apart this indicator from the rest is its use of ticks as opposed to time. The indicator tracks the number of trades going upwards or downwards in the market. With a clear account of these numbers, traders can come up with the right strategy and make worthwhile trade moves. Forex trading is dynamic and the tick chart can indicate anything from a few ticks to hundreds of ticks. The time taken to generate the ticks varies a lot and the movement of ticks can determine the liquidity levels in the market.
Bar Reversal Indicator
This indicator is quite popular for many reasons. The most important reason, however, is that it works contrary to the normal signals that are prioritised by other indicators. It is essentially a system that employs the counter-trend strategy to give signals when the market is performing better than the average demand levels. The indicator also incorporates a supply and demand indicator that shows when the market is bullish or bearish. The 5 Bar Reversal Indicator is realistic since all the five bars work in tandem to give the true status of the market.
Automatic Supply & Demand Indicator
Lastly, the Automatic supply and demand indicator is very popular because it clearly highlights the differences between the two key price levels. This creates a helpful visual representation of the buying points and selling points. With this information, a trader can easily trade their currency without uncertainty. The chart is also great for designing effective Stop Loss and Take Profit strategies. This indicator is among the best of those that show the market’s supply and demand information in real-time.
In summary, many different indicators that use different metrics are used in the MT4 platform. The most popular ones are however guaranteed to give you better success in the forex trading market. The indicators listed above are among the most popular ones that are used currently on the Metatrader platform.