4 must have Custom Indicators for MetaTrader 4
Metatrader EAs get a lot of attention. Today we are going to look at the other main customizable area of Metatrader - Custom Indicators. In particular we are going to look at 4 interesting indicators - and they are all free!
1 Trade the News!
Most custom indicators are based on technical analysis. There are a few indicators that display financial news announcements on charts. One of the best is the Plot News Indicator, by David Hudson.
In the above image, the circles represent news announcements. And the colour indicators the importance of the announcement. The grid of values on the right is another indicator by David Hudson called Display Info – All Pairs.
2 Fib extensions
There are many Fibonacci custom indicators for MetaTrader available. One particularly good one is Fib Extensions, available at ForexFactory.
3 Daily Pivots
Support and Resistance lines are powerful tool in technical analysis.
This indicator is said to “shows where the price can stop” and “shows possible point of changes in the price movement direction”. DailyPivot Shift is available from codebase on mql4.com.
4 iPanel and iTrend
Here we have two indicators that complement each other. One shows a clear overview of different common indicators (Stochastic, RSI, MACD, EMA1 and EMA2) for the current symbol over different periods (4 hour to 1 minute). The other gives a clear trend rating. This indicator can be downloaded from forex-indicators.net