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 by which all Forex indicators are classified:

1. Trend indicators – as the name suggests, these scripts allow you to determine the prevailing trend currently existing in the Forex market. They indicate the trend direction, characterize its strength, and some other parameters.

This category of indicators can be used in virtually any Forex strategy that involves opening trades along the trend.

The most popular example of a trend indicator is Ultra Wizard which combines the readings of well-known technical analysis tools such as Stochastic and MACD.

2. Graphic indicators – sometimes constructing the necessary line or level requires considerable effort, but it is possible not only to facilitate the trader's trend but also to partially automate it.

Graphical Forex indicators not only plot but also dynamically adjust the resulting line (level) as the situation on the currency market itself or the trading timeframe changes.

One such script option the Trend line , a simple way to construct a price channel on any timeframe using support and resistance lines.

3. Informational – this category also exists; they have little to do with technical analysis, and some analysts classify them as scripts.

These include options such as the Forex news or the spread size indicator . The former displays the latest economic and financial events on the trading terminal screen, while the latter informs about changes in the floating spread for the currency pair being traded.

4. Market indicators – these allow you to determine the current market status; the data provided by such tools is usually displayed in a separate window below the currency pair chart.

The most prominent example of this category is the Stochastic indicator ; it's hard to find a trader who hasn't heard of this tool. The purpose of the Stochastic indicator is to determine when a trend enters overbought or oversold zones. It's especially effective in stock and commodity markets, but it's also highly effective in Forex.

Forex indicators are a trader's best assistants, allowing even a novice to trade more efficiently.