Moving averages
I think it would be stupid not to start the top with this indicator. As mentioned above, most indicators consist of it and it is truly the simplest indicator available.
The method of trading using this indicator is simple:
- If the price is above the moving average, then you only need to consider buying;
- If the price is below the moving average, then you only need to consider selling.
It is also not uncommon for traders to use two moving averages together. One with a smaller interval, the other with a larger one. For example, 50 and 100. When a short moving average crosses a long moving average, you need to open a trade in the direction of the intersection.
How to install indicators in MT 4
Beginners often have questions about how to install programs (indicator, expert, script) in MT4. If earlier this was done through the root folder, which was called Program files, then after updating the build to 600-604 and higher, all tools are installed by opening the data directory in MetaTrader 4. The procedure is simple, you can handle it yourself.
You need to do the following:
- Install a trading terminal. The trading platform can be downloaded from this broker.
Download MT4 indicators. If they are presented in the form of an archive, then unpack it. The installed file must have the extension ex4 or mq4.- Open MetaTrader 4. Click “File”, and then click “Open Catalog” in the menu.
- When the folder is opened, the indicator is copied into it. If previously it was moved directly to Experts, now the files that the trader will use in his work are placed in the MQL4 folder. You need to click on it, and then select a folder called Indicators, and copy the files into it.
Beginners should take into account that MT4 indicators are installed with the terminal open. If you install the indicator not through the catalog, but in another way, it will not be reflected in the menu of the trading platform.
When the copying process is complete, the folder is closed. After this, you can close and then open the terminal again (reboot). The program will appear in the window.
In order to install it on the chart, you need to open a new window and select a currency pair. Click “Insert”, and then click on the inscription “Indicators”, select the one you need.
A window will open with access to settings options. The trader can change them, add, if necessary, new levels, change the color of the lines. In order to confirm the changes made, you need to click on “Ok”.
Volume
Also the simplest and one of the most popular is Volume, or in other words, volume.
There is no specific trading method for this indicator, but it helps a lot with the concept of the overall picture of supply and demand. Based on it, you can understand what the mood of the market is today and in which direction it is necessary to open transactions.
Indicators based on third party data
Forex indicators, which are not available in the terminal, help traders analyze the market. With their help you can create trading systems.
Exchange information is also available to specialists. These can be reports for past periods or current data; information is provided by news agencies and exchanges.
Open Interest
Forex traders are most often interested in open interest. With its help you can predict where the price will go. Volumes and open interest provide clear signals that allow you to make profitable trades.
Relative Strength Index RSI
The relative strength index is also very popular among traders, the point is its versatility and simplicity. The indicator can be used in almost any trading strategy, both in trend trading and scalping.
The key features when using it are the levels of oversold, overbought, and the average value. Based on the intersection of these lines, buy or sell transactions are opened. The indicator is also great for trading divergences.
Custom indicators
Most people who trade the foreign exchange market use the standard indicators built into MetaTrader 4.
Trading systems suitable for medium- and long-term trading have been developed on their basis. They are also used for scalping, when working with binary options, but these tools are not always enough, so traders can install custom MT4 indicators.
They are modifications of standard programs, as well as tools with which you can analyze graphs and process data.
ROC indicator
With its help, you can study the dynamics of processes occurring in the market. ROC shows how quickly the price changes. The indicator is highly sensitive. This allows traders to determine oversold and overbought levels and find out the direction of the trend.
PowerDynamiteAreas indicator
It analyzes historical data and automatically builds resistance and support lines. These levels are used as a guide for price movements or set stop orders.
You can download for MT4 from the link - PowerDynamiteAreas (archived).
Elliott wave indicator
With its help, the third of the Elliott waves is determined, this allows the most accurate signals, which increases the profitability of trading.
MACD
This indicator consists of two moving averages and a histogram with a zero level. It combines the ability to trade with a trend, like moving averages, and the ability to trade with divergences, like RSI.
The trading method is no different from similar indicators described above; it only combines their best functions.
Aliev FX Volumes – tick volume indicator for MT4
This algorithm is custom. It was developed for the Meta Trader 4 terminal and compares favorably with other similar tools.
Installation and configuration
Alive FX Volumes is installed via the MT4 Data Catalog, just like any other custom indicator. After installation, restart the terminal and drag the indicator onto the desired chart from the “Navigator” or “Insert” menu.
When you first install Alive FX on a chart, a window with settings will open in front of you. The following input parameters are available for modification:
- "Bars To Count". Responsible for the number of historical bars whose values will be used to calculate signals.
- "Use Points" When this function is enabled, the numerical value of the tick volume will be indicated above each candle.
- "Distance Points" Setting the distance from the “Use Points” inscription to the chart candle. Indicated in pips.
- "Color Point U" Setting the color for bullish candles.
- "Color Point D" Adjusting the color of bearish candles.
- "S Color Point". Color parameters for candles that have the same High and Open prices.
- "Size Point". The size of the inscription indicating the value of the candle volume.
- "Use Show Same Way". When this parameter is enabled, the indicator will show a caption above each bar of the chart.
- "Use Show Same Day". When this function is enabled, the tool will display the inscription only for daily candles.
- "Alert Use". Enable/disable the sound alert function. In addition to this, you can set up an alert so that the signal will only be sent when a bearish or bullish candle appears on the chart.
You can also customize the visual display of Alive FX by setting a different color for each element.
Alive FX Volumes Signals
The indicator shows the tick volume value above each candle. Above bearish candles this inscription is highlighted in red by default, and above bullish ones it is highlighted in green. If a Doji candle has formed on the chart, the indicator will highlight it with a yellow inscription.
On the right side of the work area, the indicator shows a counter that displays the position of the current price relative to the Open price of a given trading day.
It is worth considering the Alive FX histogram signals separately. All bars are divided by color, each of which indicates a certain market state. For example:
- If three or more candles on the working chart turn out to be of the same direction, then the histogram bars become wider.
- Blue bars on the histogram indicate increasing volumes
- Red bars signal a drop in volumes.
- Brown bars indicate the appearance of a bearish candle immediately after a bullish one.
- Blue bars appear if a bullish candle has formed on the chart immediately after a bearish candle.
Thus, just by observing the color of the Alive FX histogram, you can already see the current and past tick volumes of the market, and based on them predict further price behavior.
Pros and cons of the indicator
This algorithm has its advantages and disadvantages. Alive FX Volume has the following advantages:
- Able to clearly determine the state of the market (flat, trend, consolidation, etc.).
- Indicates the beginning of a new trend, which is usually signaled by several wide bars immediately following each other.
- The indicator signals the flat state on the chart using blue and brown bars alternating with each other.
- Allows you to use the alert function - a sound notification about the arrival of a new signal.
- Thanks to the display of numerical volume values, it allows for chart analysis using the VSA system.
The only disadvantage we can highlight is the fact that the indicator does not provide accurate signals for opening a new transaction. It only indicates the state of the market. The trader must independently find the point to place a new order and decide to enter the market.
Stochastic Oscillator
This indicator belongs to the type of oscillator and can only be effective in flat market conditions, that is, it is unacceptable for trend trading.
It consists, like RSI, of two zones, namely overbought and oversold, but has two moving averages instead of one, which adds another type of signal to it.
Possible trading methods: entering a deal at overbought and oversold levels, entering when crossing moving averages and going beyond the middle line of the indicator, entering based on divergences.
History of development and main features of the QQE indicator new histo alerts
The first version of QQE (aka Qualitative Quantitative Estimation in transcript) was presented back in 2008, when another economic crisis was raging in the world. And even in such difficult conditions, it quite accurately captured the direction of the trend, informing its user about it.
The authors focused their attention on the fact that price fluctuations are subject to not only quantitative, but also qualitative assessment, as evidenced by even the name of the indicator.
Over time, statistics accumulated, users noticed weaknesses and positive aspects that could be improved. This is how an updated version appeared - the QQE new histo alerts indicator. The modification has acquired signal arrows, marking signals for entering the auction for the purpose of buying (green pointers) and selling (red pointers). Areas on the histogram are formed and colored in the same way as the original.
Also, it is worth noting the expansion of the list of settings, which now includes an item with the ability to change the number of periods in the base RSI, upper and lower levels (Upper and LowerBound). By manipulating these values, traders will be able to adapt the QQE new indicator to specific currency pairs and timeframes.
QQE new histo alerts indicator – how to install and configure it “for yourself”?
All those who have read the description and are interested in this financial instrument can begin installing it. You can download the free version for metatrader4 below (avoid dubious little-known sites - their owners may well slip some kind of virus into the archive and steal personal information from the user’s computer).
After which, the files of the downloaded distribution should be transferred to the Indicators folder located in the root directory of your platform. Be sure to restart it or update it after completing this action.
If everything is done correctly, a histo alerts histogram with two signal curves is formed in the basement window. All you have to do is look into the options tab and configure everything there as you wish.
Here is a brief description of all points:
- TimeFrame – timeframe according to which the indicator should work. You can specify in the options to automatically follow the current timeframe on the chart.
- SF – numerical indicator of the smoothing coefficient of the displayed curve. It increases with increasing numbers.
- RSI Period – value of the RSI calculation period.
- Upper and LowerBound are two levels of identifying emerging trends. The first is responsible for upward trends, the second for downward trends.
- AlertsOn – the ability to enable or disable various types of alerts to eliminate the need for constant visual monitoring of chart indicators.
The remaining six settings directly relate to the notifications item. The user can activate the sending of alerts in a certain situation, for example, when the signal curve crosses the zero level, and also select the option of these same alerts - using an electronic mailbox, SMS messages to a specified mobile number, or simple sound signals directly in the trading platform itself (for metatrader4 is perfect).
Download the updated QQE indicator new histo alerts
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ZigZag
The ZigZag indicator is an excellent assistant for building Fibonacci levels and reversal patterns. It is used in many strategies and helps to correctly identify such figures as Double Top, Double Bottom, HHLL and others.
It’s easy to use, you just need to put the indicator on the chart and look at it, ignoring the candles, so unnecessary noise will disappear and you can see the patterns more clearly.
Chaikin Oscillator
Like other oscillators, the Chaikin oscillator works using an identical technique. What distinguishes it from others is its more accurate construction method and the ability to use it on local trend movements.
Basically, all transactions are carried out when the zero mark is passed. Crossing from bottom to top means buying, and crossing from top to bottom means selling.
Keltner channel
The Keltner Channel is a trend indicator and has proven itself well. Many strategies have been built on its basis, but the main essence of its use is that when the price is pressed against one of the sides, you should trade only in the direction where the price is going. A deal may be fixed or a possible price reversal may occur when the price approaches the middle of the channel.
Examples of trading using the RSX indicator
Now let's look at real examples to make it clearer what we're talking about.
We will use a fairly popular currency pair – USD/JPY.
Opening a Call option (scalping option)
Do not forget that this type of signal has an increased risk, but if you understand the trend and adhere to the rules of money management, you can open Call options:
Opening a Put option (scalping option)
The same applies to Put options:
Opening Call and Put options (conservative option)
And this is a conservative option that beginners should use, since the probability of a positive outcome in this case is many times higher:
Bollinger Bands
The Bollinger Band indicator also acts as a channel and is very similar to the Keltner channel, except for its multifunctionality. Bollinger is perfectly used both in scalping and trend trading.
It combines the principle of trading according to Keltner, but also adds the feature of trading based on channel exits. The scalper strategy involves catching small knives, and Bollinger will tell you where exactly to catch.
Cloud Ichimoku
The indicator is predominantly trend-based and is not suitable for flat trading.
The key features of the Ichimoku Cloud are its diversity. It combines 5 moving averages with very interesting parameters. It also shows support and resistance zones, trend direction and gives signals to enter and exit a position, in general, a dream.
Better Volume Tick Volume Indicator
The Better Volume algorithm has wide functionality and a fairly simple interface. It runs under the Meta Trader 4 terminal and shows market trading volumes.
Description of the tool
The indicator looks like a histogram, which is located at the bottom of the program under the main chart. The bars of the histogram are painted in different colors, each of which indicates a specific market state.
Each column of the Better Volume histogram reflects the number of ticks made during the specified time period. The period size always corresponds to the working timeframe of the chart. For example, if you are trading on an M30 chart, then one bar of the Better Volume histogram will show the tick volume for 30 minutes. For the H1 chart, the tool would show volumes for every hour, for M5 - for every five minutes, and so on.
Better Volume signal bars are divided into two main groups:
- Green. Indicate an increase in market trading volumes relative to the previous period corresponding to the timeframe value.
- Reds. Indicate a decrease in trading volumes compared to the past period, equal to the value of the working time frame.
Thus, Better Volume shows the dynamics of changes in tick volumes. If the bars are green, then they are growing, and if they are red, then they are falling. The indicator can also show intermediate market states. In this case, the bars will be colored yellow, blue, white (black) or purple (pink). Their appearance does not give a signal to open a new transaction, but only helps to assess the overall picture of the market.
Better Volume Signals
The Better Volume indicator gives signals by changing the color of the histogram bars. Let's consider the main indications of the algorithm.
Blue columns
They appear at a time when the current trend in the market continues. They say that at the moment there are no strong spikes or price fluctuations on the chart, the trend is moving steadily in its direction. Tick volumes of candles do not exceed standard values, market volatility is average.
Such bars are often called “background”. When they appear, you can only increase already open positions in the direction of the trend. It is not recommended to open new transactions.
Green bars
Green bars indicate an increase in tick volume. Very often they indicate the arrival of a major player on the market. They appear at the moment of the emergence of a new trend, or shortly before its start.
Very often, green bars appear during the publication of some important economic news that caused strong market fluctuations. In this case, it is better to ignore their signals until the situation on the chart stabilizes.
Sometimes such bars appear when prices move in a flat. As a rule, they are single and do not give any signal. They can be used to enter the market only if the chart itself shows an increase in volatility and the flat is coming to an end.
Red columns
Typically, such bars correspond to large bullish candles on the chart. Their appearance can lead to the development of events according to one of the following scenarios:
- If a bar appears on a bullish trend, this indicates that a trend reversal is approaching, or that the price is moving into a consolidation zone. That is, a red Volume bar that appears during a bullish trend can indicate the beginning of a downward trend, or the beginning of a flat.
- If the bar appeared during a bearish trend, this indicates that the market was overtaken by buyers and the price will soon turn upward. Such a signal is a reason to close all sell transactions.
The red Volume column always corresponds to a long bullish candle on the chart and indicates a trend change or a beginning flat.
We also recommend installing and testing the Pipfinite Volume Critical indicator for trading on Forex and binary options.
Purple or pink bars
Such bars appear less often than others. Most often they occur on low time frames, but they can also form on higher periods.
Pink bars perform only one function - they signal the appearance on the chart of a sequence of several candles with a large tick volume and range.
When such a bar appears, you should pay attention to the color of the column that preceded it:
- Red or green bar. The current trend will continue, you can increase already open trend transactions.
- Blue bar. A short-term sharp rollback of the chart from the direction of the trend may occur. Most often, this is a single impulse, after which the price returns to the trend.
Experienced traders do not recommend using purple bars as signals for opening new orders, since their readings are often contradictory and can indicate many market conditions.
White columns
In the default settings, these bars are colored white. However, when trading on a white Meta Trader background, they are almost invisible on the chart, so traders often color them black.
These bars are the exact opposite of red bars. They appear during a bearish trend and correspond to long bearish candles.
A white Volume bar usually indicates the imminent completion of a downtrend. Therefore, its appearance on the indicator panel can be considered as a signal for closing all sell orders and preparing for the opening of new Buy transactions.
If such a bar appears during a bullish trend, then most often it indicates the beginning of a price correction when the chart makes a slight pullback towards sales.
Yellow columns
Bars that correspond to candles with very low tick volumes are highlighted in yellow. As a rule, such bars appear at the end of a price correction or at the end of a trend.
The yellow columns are small in size. When it appears on the histogram panel, you should prepare for the fact that you will soon be able to open a new position to buy or sell, depending on the direction of the market movement.
Often yellow bars appear on holidays, when trader activity is quite low and tick volumes fall. After such a calm, there is usually a sharp jump in price, the market revives and the old trend either continues or is replaced by a new one.
To determine the trend direction and confirm trend signals, we recommend using the BB Macd indicator. With its help, you can find not only entry points, but also the most successful places to set stop losses and take profits.
