How to choose the best metatrader 4 indicator for forex trading?

Tools such as indicators of technical analysis of the Forex market have found their use quite a long time ago.

For more than twenty years they have been successfully used to analyze various markets or as a basis for creating advisors.

It is not surprising that over such a long period, a simply huge amount of these indicators was created.

On the one hand, this is good, since you can find a tool that meets the requirements of the most demanding user, but on the other hand, there is the problem of choosing from thousands of existing ones.

How to find the most effective of them, at the same time having simple settings that a novice trader can understand?

First of all, it should be noted that it is best to start working with scripts already available in the metatrader trading platform, so the creators of this program included the most popular indicators by default.

At the moment, about 60 technical analysis indicators are preinstalled in the metatrader 4 trading platform by default.

What should you focus your attention on?

MACD – one of the currently popular indicators, or rather oscillators, as it displays changes in price movement based on a comparison of short-term and long-term trends:

The script allows you to notice changes in the existing trend in time and draw appropriate conclusions; its work is described in more detail here - http://time-forex.com/indikators/indikator-macd

Alligator is a tool created by the legendary Bill Williams and gives fairly clear buy signals :

The signal is the divergence in different directions of the three moving indicators on the chart of the currency pair.

Its use with the MACD indicator described above gives a good effect. Stochastic Oscillator is a controversial script that is very popular and at the same time causes a lot of controversy among traders:

This is one of the simplest indicators; at one time I also often used Stochastic to search for entry points into the market, and quite successfully.

Therefore, I can confidently recommend it for use. The strategy using it is given on the page http://time-forex.com/strategy/strategiy-stohastik

Metatrader 4 has quite a lot of other equally worthy indicators, but each trader chooses his own based only on his own experience and preferences, testing the tool on cent accounts , identifying its strengths and weaknesses in the process.

And in the future, it is best to refuse to use additional tools when analyzing the market, but for this, unfortunately, you need to have a lot of practical experience.