Forex indicator rating
Indicators are the most popular tool for traders to analyze the market.
Almost every second trader who comes to systemic trading creates his own strategy directly based on several technical indicators.
If previously only a few standard tools were available to everyone, now the variety and quantity of certain technical indicators is simply surprising.
Actually, as our experience shows, a lot is not always good, since traders often have to sort through dozens or even hundreds of indicators in order to select at least something working and relevant in this mountain of garbage.
However, so that selection and testing do not take up much of your time, we have compiled a rating of the most functional and useful Forex indicators.
1. First of all, we would like to highlight the standard indicator that is present in any trading platform - Ichimoku. Previously, we did a very detailed review of the tool, which you can get acquainted with in the article entitled: “ ICHIMOKU INDICATOR – MASTER OF LONG-TERM TRADING ”.
When you first get acquainted with the indicator, you will have a lot of questions; you will be especially surprised by such a large number of lines. However, if you master this indicator, you will never be bored, since the number of signals it can give you is simply surprising.
Actually, Ichimoku is not just an indicator, but a real balanced trading strategy.
, BUY SELL MAGIC, deserves second and solid place . Actually, a completely logical question arises: why is it in second place and why is it aimed at beginners. So, the indicator actually received second place because it is a rather complex tool, namely, it combines several indicators.
Why do we recommend it for beginners? BUY SELL MAGIC can be used by a person who is very distant from the exchange, since all trading comes down to opening transactions using the indicator arrows.
3. Third place was taken by one of the most popular indicators that displays support and resistance levels - the Murray indicator. Previously, we did a very detailed review of this tool, where we revealed in detail what this level calculation is based on and also shared with you some patterns that are actively used when using this tool.
Do you know why we put the indicator in third place? The fact is that it solves the age-old problem of where to place a stop order and at what point it is better to exit the transaction. You can learn more about and download the indicator in the article: “ MURRAY INDICATOR – FEATURES OF TRADE ”.
4. In fourth place, we decided to highlight the custom BB MACD indicator. Why might it be of interest to traders? To begin with, this indicator combines two of the most popular tools, namely Bollinger Bands and the most popular MACD oscillator.
The indicator is capable of not only giving various signals to enter the market, but can also act as an excellent trend filter. In general, you can get acquainted with the instructions and download the indicator itself in the article entitled: “ BB MACD INDICATOR ”.
5. In fifth place we decided to put a simply unique assistant indicator - the Wolfe indicator. Actually, what is interesting about the instrument? To begin with, I would like to note that this indicator copes with the most difficult task - it independently finds Wolfe waves and gives excellent signals with targets for entering the market.
By the way, Wolfe waves are one of the most complex price patterns that have proven their effectiveness. Actually, more detailed information, where you can download this indicator and learn about this pattern, you can read in the article entitled: “ WOLFE WAVE INDICATOR ”.
In conclusion, I would like to note that the compiled rating of Forex indicators is purely the opinion of the author of the article, so you should not take it as a call to use only these tools.