MetaTrader 4 is the ultimate trading platform that boasts global recognition. It comes with an intuitive and user-friendly interface featuring various charting and analytic instruments to provide traders with practically everything they may need to establish a strong presence in the financial market.
What's more, the platform is free. However, the baseline version lacks several crucial functions that can boost your trading. Also, they will not guarantee high profits right away, they ensure an in-depth market analysis as well as the ability to predict the rend and price movement. We are talking about the latest indicators for MT4.
Easy programming lets traders benefit from a variety of best MT4 indicators that can be connected at no cost. The software is easy to configure while you can easily find the needed indicator online and start using it along with the trading platform.
So, what are the best indicators for MT4 to consider in 2020? How can they ensure the desired edge for a trader? Learn all the insights from the article.
What Are Technical Indicators for MT4?
First of all, let's make sure we all clearly understand what a technical indicator is. As a trader, you are used to dealing with different charts and analytic tools. They make it possible to understand the act on price movement better. Indicators help to analyze asset trends. They can be used to measure volatility, track the price movement, and more.
These tools can be divided into 4 major categories:
- Trend Following;
Each category relies on the particular functions that refer to a specific indicator. Those functions may range from delivering a clear vision of support and resistance to currency pair price at a given period. As we have mentioned earlier, each of the above-mentioned indicators can be easily integrated with the MT4.
Steps to Integrate Custom Indicators for MT4
The procedure is pretty simple. You are not supposed to have technical skills or deal with the time-consuming downloading process. To have the latest MT4 indicators installed to your platform, you need to complete several easy steps:
- Find the indicator you need and copy it.
- Go to the data folder and open the MQL4 file.
- Copy and paste the indicator's data from its file and restart MetaTrader 4.
- Use the best trading platform together with integrated technical indicators.
Steps to Add MT4 Indicators to Trading Charts
This process is a bit more complicated and confusing, especially for beginner traders. However, it will let you use indicators and have them depicted on the trading charts. Just make sure you know how to read those charts properly.
Go to the "Navigator" window and look for the indicator you need. When you are done with this process, complete the following steps:
- Click on the tool with the left mouse button and hold it.
- Drag-and-drop the indicator to the chart.
- Have the tool successfully added to the chart.
As you can see, there are no reasons to be confused with MetaTrader 4. The platform delivers everything you need out of the box along with real-time access to market analysis and liquidity, improved flexibility with multiple trading orders, enhanced security, automated trading options, and more.