MetaTrader 4 is famous for its comprehensive features and tools to enhance the trader’s trading experience. The MT4 trading platform is boosted with a powerful indicator that helps in identifying market trends as well as providing evidence on your guess about the price movement in the future. Most of these popular indicators are also offered for free by your chosen broker.
The Add-ons in MetaTrader 4
Aside from the indicators in this trading platform, you will also gain access to different add-ons to improve your trading efficiency. These MetaTrader 4 add ons help you in customizing your profile to properly fit your trading needs. Each trader has their own needs and every add-on out there have their specific purpose. Therefore, if you want to find the best add-on to suit your trading needs, you have to know each of them and identify their capabilities. These add-ons will help you implement your preferred trading strategy.
Downloading the MT4 Add-ons and Indicators
The first thing you have to do is to create a MetaTrader 4 account and find your broker. Make sure that your broker supports this trading platform. If you are not yet confident with your trading capabilities, you can first try their demo account and test the platform from there. This is also the perfect time to test your trading strategy if it works well or not.
Indicators in MetaTrader 4
There are a lot of indicators available in the MetaTrader 4 trading platform. These indicators are known to be powerful tools for technical analysis which are very helpful in viewing your previous failures and success in trading. Checking on your failures and not just success in your past trades will help you learn from your mistakes and take the appropriate measures to avoid such an incident to happen again. Here are the 6 most commonly used indicators in MetaTrader 4.
Order History Indicator
Order History Indicator in MetaTrader 4 helps you in checking your past trades thru the MT4 charts. By checking on your history, you will be able to replicate your successful trades and also learn from the mistakes you had in the past.
Pivot Points Indicator
This Pivot Points Indicator determines the movement of the market using pivot points and even adds alerts whenever you feel it’s necessary.
This indicator allows you to look for historic lows and highs on the chart for a given timeframe.
This indicator lets you overlay your trading chart with Renko bars that allows you to analyze the movement of prices with ease.
Chart Group Indicator
This indicator allows you to link different charts together so it will be a lot easier to change the symbol.
Freehand Drawing Indicator
This indicator allows you to draw on the chart freehand just by pressing a button.
MetaTrader 4 Add ons
They are commonly used as add ons in MetaTrader 4. These include the Mini terminal, Trade Terminal, Stealth Orders, Correlation Matrix, Alarm Manager, Connect, Market Manage, Sentiment Trader, Tick Chart Trader, Correlation Trader, Candle Countdown, and Session Map.