Forex indicators, more than 200 best scripts
Conducting a technical analysis of the foreign exchange market is simply unthinkable without the use of tools such as Forex indicators.
They help to significantly increase the efficiency of research and at the same time reduce the time spent. The main thing is to choose the right tool correctly in accordance with the chosen Forex trading strategy and be able to use it on time; the settings of these scripts also play an important role.
There are several main categories into which all Forex indicators are classified:
1. Trend - as is clear from the name itself, these scripts allow you to determine the dominant trend that currently exists in the Forex market.
They indicate the direction of the trend, characterize its strength and some other parameters. This category of indicators can be used in almost any Forex strategy that involves opening trades following the trend.
The most popular example of a trend indicator is the Ultra wizard , which concentrates the readings of such well-known technical analysis tools as Stochastic and MACD.
2. Graphic – sometimes it takes a lot of effort to build the required line or level, but it is possible not only to facilitate the trader’s trend, but also to partially automate it.
Forex graphic indicators not only produce a plot, but also dynamically change the resulting line (level) when the situation on the foreign exchange market itself or the trading timeframe changes.
One of the options for such a script can be - Trend line is a simple option to build a price channel on any time frame using a support and resistance line.
3. Information - there is such a category, they have practically no relation to technical analysis and some analysts classify them as scripts.
These are options such as an indicator of Forex news or spread size , the first displays the latest events in the world of economics and finance on the trading terminal screen, the second informs about changes in the floating spread for the traded currency pair.
4. Market - thanks to them you can find out what state the market is currently in; the data provided by such instruments is usually displayed in a separate window below the chart of the currency pair.
The most prominent representative of this category is the Stochastic indicator ; it is difficult to find a trader who has not heard of such an instrument. The task of a stochastic is to determine when a trend enters overbought or oversold zones; its use is especially effective on a stock or commodity exchange, but it is also highly effective on Forex.
Forex indicators are the best trader’s assistants, which allow you to make trading more effective even for a beginner on the currency exchange.