Here are three best mt4 indicators that you can download for free. These indicators will help you to find out entry and exit levels for trade and also indicate the trend of market. We can say these indicators help to find future direction of market prices.
These custom indicators are available here now for free by EMAC Forex.
Table of Contents
Best mt4 Indicator
If you want to become successful trader and become millionaire, you should keep learning and practice as much as you can. Also use indicator in your technical analysis to confirm trade levels.
- Non-Repaint Arrow Indicator
- Slope Direction Line Indicator
- Three Line Channel Indicator
“Success comes from Knowledge and Practice“
Here are described in detail three technical indicators that will help you in technical analysis.
1- Non-Repaint Arrow Indicator
This indicator is widely used for trading by new traders and its paid version is available on many platforms but you can download it here for free.
This indicator is shows trend of market with arrow sign for up and down. You can change the color of arrows as per your wish from settings option. Arrow position can be changed from input setting options.
When down side arrow appears on screen, means it’s a sell signal then you can place sell trade and when upside arrow appears on screen you can place buy order.
Note: Apply this indicator and practice on demo account before applying on real account.
2- Slope Direction Line Indicator
Slope direction line indicator is best to show the trend of market. When we apply this indicator on trading chart, it shows a line with two colors that we can choose from color setting options. By default ‘aqua’ color is for buy signal and shows up trend, on other hand red color shows down trend and gives sell signal for trade.
Period of line can be changed from input settings, recommended period is ‘100’. Before using on real account our recommendation is to apply on demo account and make lot of practice until you fully understand the function of this indicator. Notice some points while testing this mt4 indicator like, is it repaint or not? How it works when market is in range? How it behave when market is in strong up or down trend etc.
Also try to use it combine with other indicators like arrow signal indicator or moving averages etc. Using combine these indicators you will get more confirm trades and better results.
3- Three Line Channel Indicator
As you can see this technical indicator shows three parallel lines that indicate the market range and trend etc. When market touch the upper line we can place sell trade and possible take profit at center line but must use appropriate risk to reward ration according to your strategy or trading plan. And same for bottom line we can place buy order with take profit at center line if market moving downwards and touch the bottom line.
You can set its bar-count from input settings and our recommendation is use more than 100 value. Because if you will select more bars it will give you better results and more confirm trading opportunities. You can change colors of channel line as per your wish.
Channel trading analysis is very famous way to identify next possible levels of market movement. And this indicator automatically draw channel line where ever is possible to draw it.
Channel Breakout also provide us new trade opportunity and indicates possible trend reversal that we can also confirm using other analysis methods.
How to Install Indicators in mt4
To install custom indicators in metatrader 4 (mt4) follow the given instructions.
- Download, extract and copy the indicator setup files.
- Go to file menu in metatrader 4 and click on “open data folder”.
- Now open “MQL4” folder
- On next stage open folder named as “indicators”.
- Paste the copied indicator files and close the folder.
- Now open or restart mt4 terminal.
- Go to insert menu and click on custom and find the indicator that you want to apply.
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