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, to make sure the selection and testing process doesn't take up too much of your time, we've compiled a ranking of the most functional and useful Forex indicators.
1. First, we'd like to highlight a standard indicator found in every trading platform: Ichimoku. We previously provided a very detailed review of this tool, which you can read about in the article entitled: " ICHIMOKU INDICATOR – A MASTER OF LONG-TERM TRADING ."
When you first get to know the indicator, you'll have a ton of questions, especially the sheer number of lines. However, once you master it, you'll never get bored, as the sheer number of signals it can provide is simply astonishing.
In fact, Ichimoku is not just an indicator, but a real balanced trading strategy.
The BUY SELL MAGIC indicator for beginners deserves a solid second place . The obvious question is why it's in second place, and why is it aimed at beginners? The indicator earned second place because it's a fairly complex tool, combining several indicators.
Why do we recommend it for beginners? BUY SELL MAGIC can be used by anyone with very little experience with the exchange, as all trading is limited to opening trades based on the indicator's arrows.
3. Third place went to one of the most popular indicators for displaying support and resistance levels: the Murray indicator. We previously provided a very detailed review of this tool, detailing the basis for calculating these levels and sharing some of the patterns that are actively used when using this tool.
Do you know why we ranked this indicator third? It solves the age-old problem of where to place a stop order and when to exit a trade. You can learn more about and download the indicator in the article: " THE MURRAY INDICATOR – TRADING FEATURES ."
4. We've decided to highlight the BB MACD custom indicator in fourth place . What makes it interesting for traders? First, this indicator combines two of the most popular tools: Bollinger Bands and the most popular MACD oscillator.
The indicator can not only provide various market entry signals but also act as an excellent trend filter. You can read the instructions and download the indicator itself in the article titled " BB MACD INDICATOR ."
5. In fifth place, we decided to give a truly unique assistant indicator—the Wolfe indicator. What's so special about this tool? First, I'd like to point out that this indicator handles the most difficult task—it automatically detects Wolfe waves and provides excellent signals with entry targets.
Incidentally, Wolfe Waves are one of the most complex price patterns, and they have proven their effectiveness. For more detailed information on where to download this indicator and learn more about this pattern, please read the article entitled " WOLF 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 it should not be taken as a call to use only these tools.
