MetaTrader 4 (MT4) is a popular forex trading platform that supports custom indicators to aid traders with analysis and decision-making. With hundreds of technical indicators available, it can be overwhelming deciding which to use. Here are some of the most widely used and effective MT4 indicators:
Moving Averages – Moving averages smooth price action and help identify support/resistance levels and trend direction. The 200 and 50 day MAs are especially popular.
MACD – The Moving Average Convergence Divergence oscillator reveals momentum by tracking the relationship between two moving averages. Crossovers can signal trades.
RSI – The Relative Strength Index oscillates between 0 and 100 showing overbought/oversold levels. Values above 70 indicate an asset is overbought while below 30 is oversold.
Stochastics – Stochastic oscillators use support/resistance levels to indicate whether assets are overbought or oversold within that given range.
Bollinger Bands – Bollinger Bands plot standard deviation channels above and below a simple moving average to identify volatility.
Ichimoku Cloud – The Ichimoku Cloud uses multiple lines to identify support, resistance, momentum, and trend direction.
Learning to combine indicators for confluence can help traders better identify high-probability trading opportunities on MT4 charts. Using too many indicators, however, can lead to analysis paralysis.
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