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MetaTrader platforms have gained huge popularity due to their user-friendly interface and many useful features. However, with the right plugins and add-ons that can be added, traders can get even more efficient software. Adding the required features and tools isn’t an uphill task. Quite the opposite, it’s fairly simple.
The thing is that a large user base and a simple MQL programming language are some of the key features of MetaTrader 4.
Not only do they allow the creation of new indicators but also other useful tools that would complement a wide functionality of this application.
A good number of enhancements can be easily downloaded and installed. That is what makes trading easier than ever and way more efficient as you don’t have to invest money in costly pro applications. Most of the plugins listed here are available for both MetaTrader 4 and MetaTrader 5. They will enhance your experience on the platform even further.
In this article, we’d like to offer seven top forex indicators to install.
Volume Profile Indicator for MT4/MT5
Volume Profile indicator (also known as Market Profile) is useful tool to check price action on a chart. It can be used for analyzing support and resistance.
You likely know that trading volumes are crucial for traders when it comes to their entries and exits. As forex trading takes place in a decentralized market, the volumes aren’t that clear. They rather depend on the liquidity provider or broker. Nevertheless, trading volumes can be used here, too. The Volume Profile indicator is based on them as well. Unfortunately, it is one of the rarely-founded MT4 add-ons.
What kind of information does the Volume Profile indicator provide? It shows whether trading volumes were executed at high or low price levels. It also shows as the point of control (POC). The POC is about support or resistance level. Trading volumes accumulate at this point and trend reversals often occur here.
Supply and Demand Zones Indicator for MT4/MT5
Another useful improvement is one of the MT indicators that plots the demand and supply zones. These are the key levels that every Forex trader should learn to recognize to make profits in the long run. In these zones, liquidity is usually high. It makes them perfect points for trading. High liquidity allows traders to execute trades rapidly and at preferable prices.
Since support and resistance zones are usually tied up with these levels, they can be used to identify them. These zones come in a few types: weak, untested, verified, proven, and broken.
The indicator is available for any & all timeframes and can even show supply and demand levels that occurred a long time ago. Therefore, the trader shouldn’t keep track of these levels and re-plot them on the chart laboriously.
MetaTrader Candlestick Pattern Indicator
For those who want to use candlestick MetaTrader indicators in their trading, the Candle Patterns Indicator might come in handy. Human eye can recognize these formations, but it’s hard to detect them in MetaTrader due to the absence of a built-in indicator. That is why adding it is the right thing to do.
The Candlestick Pattern indicator for MT4/MT5 can detect various one-, two- and three-candle patterns. The well-known candlestick formations are plotted directly on the chart. That way a trader can see whether it’s a long or short signal. It’s useful to filter patterns. A trader can do so by setting it to show only strong signals, only reversal patterns, or only continuation patterns.
For those who want to learn how to recognize these formations, the Candlestick Pattern Indicator can be a good learning tool.
Pivot Point Indicator for MT4/MT5 (All-in-One)
Pivot points are also those tools that aren’t presented in the basic settings of the MetaTrader application. Still, they are easy to find and download on the Internet. This particular add-on offers the ability to choose up to four types of Pivot Points.
The indicator automatically draws significant Pivot Points using the most popular methods:
- Classical (Floor);
- Camarilla levels;
- Woodie;
- Fibonacci.
Camarilla is suitable for short-term traders as the levels are closer to the current price, Woodie places emphasis on the closing price when calculating the base level, and Fibonacci uses the Fibonacci sequence for the calculation.
IBFX Undock Chart for MT4
Since it's one of the most important MT4 plugins and still of great use, we'd like to include it on this list as well. This script allows the trader to separate the chart window from the application, which is not possible in regular mode.
The whole essence of this addition is the ability to track the charts on multiple monitors more effectively. This is really useful for traders who use a few monitors. And it only takes one click!
Once the add-on is loaded into the chart, the chart window is separated from the MetaTrader window. It can be moved to another screen then. All it takes to return to the initial state is making one click.
Lot calculator – risk management tool for MT4/MT5
As we said in our MetaTrader 5 guide, risk management is a key to success. At first sight, this is a very simple, yet one of the most useful MT4/MT5 add-ons. It might come in handy to those traders who want to stick to risk management rules and don't need to delay entering their trades.
Using it is all about entering the Stop Loss or Take Profit value and picking the percentage a trader can afford to risk. The indicator will then calculate the lot size for the trade based on that percentage of the account balance. It’s also possible to enter a predefined entry price (Stop or Limit). Without that, the trade will be executed at the market price.
Simply put, the lot calculator shows the correct lot size to trade. For this very purpose, the following basic risk management rules are taken into account:
- Risk only a fixed percentage of money on the account (e.g. 1-2%);
- Risk is measured by the distance in pips between open order and stop loss.
Success of most professional traders is based on strict risk management.
Position Close Button MT5
This EA helps to close all positions opened at the moment. It saves the time of closing multiple positions manually.
This simple tool is especially suitable for traders who open multiple positions and need to close them at once. It’s possible to decide whether to close only buy or sell positions, or all positions. A trader can also choose to close pending orders.
For those who are eager to gain maximum control over their positions, an advanced version is available. This version offers many more options when working with open positions and is particularly suitable for traders who trade for prop trading firms, like FXCI. It allows them to control daily loss limits even with a fair number of open positions.
The Bottom Line
From the Volume Profile Indicator to the Position Close Button, these are just some of the best MetaTrader indicators we know. By using their combination in the right way, traders can take their working process to a new level.
