So that traders can perform technical analysis in forex trading, one of the first steps is to install indicators for MetaTrader 4. However, how to do it? Many novice traders are confused and think that they have to do manual calculations to be able to do technical analysis. Adding indicators to Metatrader can be done easily and quickly.
In the Wikipedia explanation, MetaTrader is a statistical tool for currency traders that are used to make judgments about the price direction of a currency pair. Lead indicators, lagging indicators, confirming indicators, and so on are some of the types of forex indicators. Compared to platforms such as java, web-based, etc. Metatrader has the advantage of providing facilities for traders to be able to add and create special scripts (EA indicators and robots) for trading purposes. No wonder we can easily find many indicator (mql4) scripts and robots on the internet.
The MetaTrader application has many advantages, making it a favorite trading tool for traders and brokers such as oanda com and around the world. However, the MetaTrader application is not made by a particular forex broker, but by a company that develops tools specifically for forex trading, Metaquotes.
Well, so that traders can do technical analysis in forex trading, one of the first steps is to install indicators on Metatrader. However, how to do it? Many novice traders are confused and think that they have to do manual calculations to be able to do technical analysis. Adding indicators to Metatrader is very easy and can be done instantly.
- Trend indicators – Average Directional Movement Index, Bollinger Bands, Envelopes, Ichimoku Kinko Hyo, Moving Average, Parabolic SAR, and Standard Deviation.
- Oscillators indicators – Average True Range, Bears Power, Bulls Power, Commodity Channel Index, DeMarker Force Index, MACD Momentum, and Moving Average of Oscillators.
- Volumes indicators – Accumulation/Distribution, Money Flow Index, and On Balance Volume Volumes.
- Bill Williams Indicators – Accelerator Oscillator, Alligator, Awesome Oscillator, Fractals, Gator Oscillator and Market Facilitation Index
Types of Indicators Outline on MetaTraders
Hi fellow Central Capital Futures Traders, we know that forex trading transactions for market movement analysis can be done by technical analysis and fundamental analysis. Technical analysis usually uses indicators, the indicators in Metatrader reach 66 indicators. However, technical indicators are broadly divided into three parts, namely; Price momentum indicator (oscillator), Trend Following indicator, and Volatility Indicator. The following is the distribution of the indicators in outline:
1. Price momentum indicator:
An indicator is used to identify oversold or overbought situations. The momentum of this indicator is also used to see whether a trend will continue or weaken. Indicators that include price momentum indicators include: Stochastic Oscillator, Relative Strength Index, and Commodity Channel Index (CCI);
2. Trend Following Indicators:
This indicator is utilized to recognize the starting and finish of a trend or when a trend will adjust. So you can know when is the best time to open and close positions. Indicators that include Trend Following Indicators include: Moving Average, Moving Average Convergence-divergence (MACD, Directional Movement Index (DMI) and Parabolic SAR;
3. Volatility Indicator:
This indicator is used to see market strength as seen from price fluctuations in a certain period. The industry has high volatility if cost movements go up and down sharply or are very volatile and there is a big cost difference between the highest and lowest costs. Indicators that are included in the volatility indicator are Bollinger bands.
The number of indicators does not allow us to understand and learn them quickly. It takes a long time just to understand one indicator so that it can help us trade in the Forex market. Of course, this is an obstacle, to achieving profit in the forex business. The time it takes to learn to trade is directly proportional to the time you make a profit on the forex market.
However, for those of you who want to start or try the forex business, don’t worry, you can’t analyze it technically. Because Central Capital Futures has a very sophisticated and modern system, namely OTA Trading. OTA Trading is a forex signal based on Technical Analysis using Artificial Intelligence.
OTA Trading with its extraordinary capabilities can analyze all indicators in Mt4 and summarize the results into a signal. The signal given by OTA Trading is accompanied by Entry points, Stop Loss and Take profit, easy right? What are you waiting for, let’s get to know and find out more about OTA Trading?
