Available indicators for trading gold from MetaTrader 4
Gold is one of the most popular instruments for exchange trading, and due to the fact that the asset is available in the MetaTrader trading platform, almost any strategy can be applied to it.
Most traders prefer, when trading gold, to use fundamental analysis based on factors influencing the price of gold
But the best results in trading can be achieved if you combine fundamental analysis with technical analysis, therefore, when trading precious metals, the use of indicators from the MT4 trading platform will be fully justified.
There are many different indicators in metatrader that can be used to trade gold, but we will focus on three that complement each other.
Recommended indicators for trading gold
The advantage of the described tools is that their effectiveness is time-tested and they are available by default in any MT4 trading platform
Moving Average Convergence Divergence (MACD)
MACD is one of the most popular indicators for Forex trading. It measures the difference between two exponential moving averages and displays it as a line on a chart. MACD can be used to identify trends, as well as determine entry and exit points in the market.
Signals for opening trades:
Buy signal: MACD line begins to move up
Sell signal: MACD line is moving downward
An auxiliary tool is the indicator histogram; changes in their length confirm a change in the existing trend.
Principles of operation and settings of MACD - https://time-forex.com/indikators/indikator-macd
Stochastic Oscillator
Stochastic Oscillator measures the ratio of the closing price to the price of the range and displays it as a line on the chart, the tool is used to identify overbought and oversold zones, as well as to determine entry and exit points from the market.
Signals for opening trades:
Buy signal: Stochastic Oscillator is in the oversold zone and is moving up from it.
Sell signal: Stochastic Oscillator is in the overbought zone and is moving down from it.
For example, if the price of gold is in an uptrend and the Stochastic Oscillator is in the oversold zone, this is a signal to buy gold. If the price of gold is in a downtrend and the Stochastic Oscillator is in the overbought zone, this is a signal to sell gold.
Additional trading points when using the Stochastic strategy - https://time-forex.com/strategy/strategiy-stohastik
Relative Strength Index (RSI)
RSI measures the strength of relative price movement and displays it as a line on a chart. RSI can be used to identify overbought and oversold zones, as well as to determine market entry and exit points.
Signals for opening trades:
Buy signal: RSI is in the oversold zone and is moving up from it.
Sell signal: RSI is in the overbought zone and is moving downwards from it.
For example, if the price of gold is in an uptrend and the RSI is in the oversold zone, this is a signal to buy gold. If the price of gold is in a downtrend and the RSI is in the overbought zone, this is a signal to sell gold.
Detailed description of the strategy based on RSI https://time-forex.com/strategy/st-rsi
Ultra wizard as an indicator for trading gold
True, you must first download it on our website, and then add it to MT4. Ultra wizard visualizes the work of several indicators at once and makes trading more comfortable.
When choosing instruments, it is important to consider your individual preferences and trading style. It is also important to remember that scripts are not 100% guaranteed and do not guarantee profit.
The following information will also be useful to you when trading precious metals:
Broker spread size for gold – https://time-forex.com/vsebrokery/brokery-zoloto-serebro
Is scalping possible on precious metals – https://time-forex.com/skalping/skalping-na-zolote
How does the swap size affect long-term gold trading - https://time-forex.com/info/swop-gold