Metatrader 4 has become the number one trading platform for the independent day trader. The fact that it is very easy to install, simple to use and totally customizable has gone a long way to keeping it the most popular trading platform.
However, it’s the Metatrader indicators which help make it so good. Mt4 indicators can be installed in a matter of minutes and with such tiny files you can save thousands of them to your computer using minimal memory. Metatrader 4 indicators can be edited using the MetaEditor via the built in tool bar. This allows the indicator to be customized which may include, but not be limited to, changing display colours, indicator calculations and changing other various parameters.
Due to being easy to modify there are now thousands for free that the forex trader can download apply to their chart. With such a large growth in the number available there is also now a market for programmers who for a fee will program any indicator you wish.
Popular indicators comprise of Rsi, Macd and Bollinger Bands. However, more complex metatrader indicators are now being created on a daily basis. Fisher Yur4ik, BB Squeeze, Hooya Bands and Shi Channel have all been customized into MQL language from other trading platforms.
All these can help an independent trader trading forex markets with more confidence than ever before. Using these tools will give you a visual aid that will give you an edge whether you are trading the Euro or the Yen. They can help you decide when to get into a trade, when to get out or, best of all, when not to trade at all.
The thing about technical analysis is it can be as straight forward or as complicated as you want to make it. Most traders suggest keeping your visual trading aids as simple as possible but there are others that suggest trading profitably is not just a case of simply adding an Rsi. They suggest that you need a much more detailed approach to your trading and thus more detailed indicators. Whichever approach you take Mt4 gives you the flexibility to adapt your charts accordingly.
Downloading and installing your free metatrader indicators could not be any easier, and because there are a huge number of forex brokers with free demo data there is no excuse not to use metatrader 4 indicators for your technical analysis.
View a detailed list of Metatrader Indicators available to download for free on our website Great Trading Systems where you can also find Forex trading systems and other useful trading information.