When two or more indicators provide identical information about prices, it hardly ever helps trading better; and while Forex traders call it “signal confirmation”, it is in reality could be the same type of data, and should be called “duplication”, rather than “confirmation”. When money is at stake, the problem becomes serious…
Variety of Forex indicators available on advanced Forex trading platforms can sometimes create a challenge even for an experienced Forex trader. To control the situation traders need to choose only useful primary tools in order to avoid information overflow.
Especially if you are a novice trader, we’d like to suggest you two most popular and widely used indicators to start planning your trades with.
These are: Moving Averages and Stochastic indicator .
The third place goes to MACD.
Elliott waves are one of the few studies that able to tell where the market is now, where it is likely to go next and, of course, what are the opportunities there for traders.
However, it’s not a secret that to many traders Elliott waves theory is one the most difficult studies whether it comes to understanding, using it or following someone’s forecast. We’ll discover why.
To download an indicator from Forex-indicators.net
1. Right click on the indicator link
2. Choose “Save as” or “Save link as” to download the indicator.
To install your newly downloaded indicator to MT4, please use the following steps:
1. Close Metatrader4.
2. Place your new indicator into the MetaTrader “/Experts/Indicators” folder.
3. Run Metatrader4.