The best indicators for Forex.
Currently, there are a lot of different indicators for working on Forex, the total number of scripts is already in the thousands, and from
this mass it is quite difficult to select the most worthy options.
When trading various strategies, I often had to use indicators, and in the process, my favorite options emerged.
The best Forex indicators usually combine a number of qualities - they fully meet the tasks for which they were written, have simple settings, and give a minimum number of false signals.
These include the following scripts:
Ultra wizard is actually the best trend indicator; it not only indicates its direction, but also displays data on such parameters as the strength of the trend and the probability of continuation.
It is based on two fairly popular scripts included in the standard set of indicators of the MetaTrader terminal. Channel indicators are scripts that allow you to automatically build and rebuild a price channel. The most effective of them can be called “ Trend channel indicator ” and “ Trend line ”; at least these two tools are more comfortable to work with.
The correlation indicator is a fairly relevant tool at the moment; it is excellent to track the correlation between assets such as gold, oil and the US dollar.
The information on the screen is presented in the form of lines that indicate the strengthening of the relationship between the selected trading tools. The stochastic indicator is indeed one of the best indicators loved by many traders; by tracking oversold and overbought markets, it allows you to find the most successful points for opening transactions.
It is quite effective and suitable for almost any trading strategy. Trader indicator - displays in a separate window a number of data necessary for analyzing the market price (opening price, minimum and maximum, direction), thanks to which you can draw conclusions about where the price is currently located.
It is clear that each trader has his own best Forex indicators that are suitable specifically for his working strategy, but at the initial stages you can borrow the experience of others.