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Forex indicators might look flashy and beautiful but they are not merely about aesthetics. The charts on these programs are powerful signals that tell you when to trade and when to exit.
There are hundreds of forex indicators available and navigating the market can be a challenging task. It is easy to download MetaTrader but getting the various indicators on the platform can be daunting. This can be frustrating especially if you are keen on saving some precious time and investing it somewhere else. In order to avoid the hassle, here is a list of the top 4 most popular forex indicators around.
RSI Trend Manager
This indicator is great for making comparisons over time periods. There are two slow-trend indicators that signal the best time to trade. A total of two currencies are analyzed over time and the signals accompanying them on the chart give a precise indication of when to buy or sell currency. The up trends and down trends are also visually distinguished to make it easy even for a trader of basic skill level. Additional value can be derived from the indicator by adding pivot points and other vital tools. By itself, the RSI Trend Manager is enough to take you through a successful trading cycle.
Stochastic Indicator MT4
The MetaTrader 4 trading system comes with a lot of features and tools that make it precious for any trader. One of the most popular indicators on this platform is the Stochastic indicator. It is especially great because it allows a dual-band system where comparison and analysis are easy. By monitoring the prices moving along the bands and following the signals created on the Stochastic indicator, a trader can easily know when to buy or sell. The upper and lower bands are clearly distinguished and easy to follow. The Stochastic indicator is also flexible and can also be applied in many other ways to create great trading strategies.
Multi Moving Average MT4
In general, moving averages are some of the easiest trends to follow in a trading system. The underlying calculations that produce the averages might be complex but the outcome of the indicators is worthy. The Multi Moving Average indicator has a total of four indicators that work together to produce precise trends. The indicators are also differentiated visually to remove any ambiguity. It is quite easy to determine when the market is bullish or bearish. This translates to a great timing when buying or selling currency.
RMO with Ichimoku
Finally, the RMO indicator with Ichimoku is a widely used trading system. The indicator is popular because it is powerful and can be modified. It relies on the Ichimoku cloud platform to analyze trading in time intervals of about 15 minutes or more. Since it relies on resources available in the cloud, the indicator has alert tools, live charts and a couple of trading monitors. All these resources make it easy for a trader to craft worthwhile buying and selling strategies.
The above forex indicators are some of the most popular you will find being used across the board by forex traders. Once you download MetaTrader, you can install them on the platform for free.