Forex Indicators

MetaTrader 4 Forex Indicators

At this page you can freely download MT4 Forex indicators that can be attached to the MetaTrader Forex trading platform to boost your Forex trading performance. You can develop your own Forex trading strategies using these indicators, or you can simply follow them as the trading signals. Feel free to implement any of these indicators into a custom MetaTrader expert advisor. You can change these indicators freely before using on your Forex trading accounts.

Aroon Up & Down MetaTrader indicator — detecting the local tops and bottoms of the chart it was applied to, this indicator provides the signals for buying and selling the currency pairs when they rise up from the bottom and fall from the top. The cross of the indicator lines provide a good signal to take the profit or to exit with a minimum loss.

Input parameters:

• AroonPeriod (default = 14) — the period in chart bars for the indicator to look up for the bottoms and the tops. As with many other indicators, the higher is the period the smoother the output lines are, the lower the period is the more signals are generated.

As you see, the trading is quite easy if you follow this indicator. Just buy when the blue line rises from the bottom and the red one is near the middle of the range; sell when the blue line falls from the top and the red one is near the middle of the range. Exit for profit or for minimum loss when the red line reaches the opposite side of the range.

Downloads:

Aroon Up & Down in .zip

Aroon Up & Down in .mq4

BB MACD MetaTrader indicator — is a basic MACD (Moving Average Convergence Divergence) indicator variation, which helps in detecting the trend change points and measuring the current trend’s strength. The indicator is drawn in the separate window on the chart and consists of two lines (blue and red) and the dots, which can be either green or magenta. The change of the dots’ color is a good signal provider, while the width of gap between the two lines indicates the strength of the current trend.

Input parameters:

• FastLen (default = 12) — the period of the fast moving average (the one with the lowest period), which is used in this indicator’s dots calculations.
• SlowLen (default = 26) — the period of the slow moving average (the one with the highest period), which is used in this indicator’s dots calculations.
• Length (default = 10) — the period of the moving average and the standard deviation indicators that are used in this indicator’s lines calculations.
• barsCount (default = 400) — the maximum amount of bars on the chart to apply these calculations to (not an important parameter).
• StDv (default = 2.5) — weight multiplier for the standard deviation indicator in its part in the calculations compared to the moving average.

As the chart example suggests, the signals to buy are when the magenta dots turn into the green ones and the signal to sell is when the green dots become magenta. Trading is better to be performed when both blue and red lines are rather wide.

Downloads:

BB MACD in .zip

BB MACD in .mq4

Beginner MetaTrader indicator — a very simple custom indicator that displays the local tops and bottoms on the chart with the red and blue dots near them. It analyzes the maximum and minimums on the certain period then compares them to the range, in which the currency pair was trading and if the top/bottom is significant enough it marks it with the dot. This indicator redraws itself on restart and thus shouldn’t be used for generating trading signals as the dots’ position may change.

Input parameters:

• AllBars (default = 0) — the amount of bars to use for calculations (0 — all bars). There is no reason to change it.
• Otstup (default = 30) — the number of percents that are cut from the range before comparing maximums and minimums to determine their significance. The higher this number is the more frequent are the dots.
• Per (default = 9) — the period, on which the maximums and minimums are calculated at given moment. The higher is the number the fewer dots are drawn.

It’s very important to understand that this indicator cannot be used for actual trade signals. E.g. you can’t sell when the red dot is set or buy when the blue one set — you’ll end up losing. This indicator can only be used to quickly find the support and resistance points if you trade some breakout system or to develop your own indicators.

Downloads:

Beginner in .zip

Beginner in .mq4

BMA MetaTrader indicator or Band Moving Average — was created by using the original moving average indicator and the idea from one of the site’s visitors. The indicators displays itself in the form of three lines: the central one is the standard MT4 moving average (which can be simple, exponential or weighted), the upper line is the same as the central one but lifted up by 2% (by default), the lower line is the same as the central one but pushed down by 2%. Those two additional lines serve as the support and resistance levels.

Input parameters:

• MA_Period (default = 49) — the period of the standard moving average (central line).
• MA_Shift (default = 0) — horizontal shift for all lines on the chart.
• MA_Method (default = 0) — the method for MA drawing. 0 — simple moving average, 1 — exponential, 2 — smoothed, 3 — weighted.
• Percentage (default = 2) — number of percents to vertically shift the upper and lower bands compared to the central line.

The best way to use this indicator is to attach it to EUR/USD H4 chart (shown in example) and to sell when the price reaches upper band and to buy when the price reaches lower band. Moderate stop-loss level is advised in both cases as the price can sometimes break that levels or the lines may change directions suddenly.

Downloads:

BMA in .zip

BMA in .mq4

CCI Arrows MetaTrader indicator — will show you where the CCI cross with the zero occur (marking it with the red or blue arrow) to help you decide whether to go short or long. It has a minimal lag and a relatively high accuracy. This simple indicator is a good choice for those traders that prefer to keep it simple and hate complex indicators.

Input parameters:

• CCI_Period (default = 14) — the period of the CCI that is used in this indicator. The higher is the value the more lags this indicator but less false signals occur.

As you can see, this indicator gives direct signals for buy (blue arrow pointing up) and sell (red arrow pointing down). You should know that you do NOT enter the trade if the signal is contradicting the current general trend. If it’s uptrend and you get a blue arrow — go long, if you get a red arrow — do nothing (just close your long position if you had one open); if it’s downtrend and you get blue arrow — close short position but don’t go long, if you get red arrow — go short; if chart goes sideways and you get blue or red arrow — feel free to go long or short respectively. I recommend setting your stop-loss directly at the level where the arrow is drawn (it’s displayed if you point your mouse at it). I also recommend using trailing stop with this indicator.

Downloads:

CCI Arrows in .zip

CCI Arrows in .mq4

Easy Trend Visualizer MetaTrader indicator — this indicator does exactly what its name is telling you. It shows where the trend begins, where it ends and where there is no trend at all. It’s based on standard MetaTrader ADX (Average Direction Movement Index) indicators and works quite fast. Easy Trend Visualizer displays itself in the main chart window.

Input parameters:

• ADXperiod1 (default = 10) — period of the first ADX indicator.
• ADXperiod2 (default = 14) — period of the second ADX indicator.
• ADXperiod3 (default = 20) — period of the third ADX indicator.

You should be warned that this indicator redraws the current bar. So, it’s not very wise to enter a position based on the signal of the current bar. Previous bars aren’t redrawn and can be used as the safe entry signals. Although Easy Trend Visualizer is quite accurate there are many false signals. But they shouldn’t be a real problem since a stop-loss level can minimize losses. You should also exit positions if the trend is over.

Downloads:

Easy Trend Visualizer in .zip

Easy Trend Visualizer in .mq4

Fisher MetaTrader indicator — is a quite simple histogram indicator that detects direction and strength of the trend and signals trend changes. It doesn’t use any standard MT4 indicators in its code. Fisher bases its calculations on the maximum and minimum price levels from the previous periods, applying some advanced math calculations to the relations between the current price and the max/min prices.

Input parameters:

• period (default = 10) — the period in bars, on which to calculate the maximum and minimum. The higher is the value the less false trend change signals occur but the more this indicator lags.

On the chart example you see that the upward trends are marked with the green histogram lines, while the downward trends are marked with the red line. It’s easy to trade with this indicator. You can close short positions and go long when the lines’ color change from red to green. You can close long positions and go short when the lines’ change from green to red. With the default period setting (10) it was very accurate on EUR/USD H1 chart.

Downloads:

Fisher in .zip

Fisher in .mq4

Float MetaTrader indicator — a sophisticated indicator that analyzes the previous chart history for the given currency pair and then tries to analyze the trends in the current situation. It shows the trends’ beginnings and ends in a separate chart window and the Fibonacci retracement levels on the main chart. It also displays how long ago the local high and low were detected.

Input parameters:

• float (default = 200) — the amount of bars to process for trend analysis. The lower is the number the more current the data will be but the less accurate the analysis will be.
• use_fibos (default = 1) — if 1 then Fibonacci retracements will be drawn on chart. If 0 then Fibonacci retracements won’t be drawn on chart.
• Backtesting (default = 0) — doesn’t affect anything.

As you can see, the trend’s beginning and the end are marked clearly on the chart with this indicator. You can attach it and wait for the beginning of the next trend and then decide whether to buy or sell. Fibonacci retracement levels can be used for the target and stop-loss levels.

Downloads:

Float in .zip

Float in .mq4

Lageurre MetaTrader indicator — a completely custom indicator that doesn’t rely on the standard MT4 indicators. It shows the weighted trendline in the separate window of the chart. It can be used for easy entry and exit signals.

Input parameters:

• gamma (default = 0.7) — multiplier that is used in the line’s levels calculation. The higher it is the smoother is the line.
• CountBars (default = 950) — the maximum amount of bars for which to calculate this indicator. Set as high as possible if you don’t experience performance problems.

Laguerre can be used to buy when the line reaches 0.2 level from below and exit the long trade when it reaches 0.5 level from above. Sell when the line crosses 0.8 from above and exit the short trade when the line crosses 0.5 level from below.

Downloads:

Laguerre in .zip

Laguerre in .mq4

Murrey Math Line X MetaTrader indicator — a pivot line indicator that will definitely help every trader that know how to trade with support, resistance and pivot lines. It displays 8 different lines (with possible additional lines) on the main chart, helping you to find the best points to sell, buy and exit the positions.

Input parameters:

• P (default = 64) — period in bars or in other periods (set by MMPeriod), on which the lines will be calculated. The lower is the number the more current but less accurate calculations will be.
• MMPeriod (default = 1440) — a basic period in minutes (60 — for hourly pivots, 1440 — for daily pivots, 10080 — for weekly and 43200 — for monthly); if greater than zero, indicator will use P amount of MMPeriod minutes to calculate its lines. If zero, indicator will use P amount of the current chart bars to calculate its lines.
• StepBack (default = 0) — a shift back for calculating the lines (in the current bars or in number of MMPeriod (if set) minutes).
• Other parameters — affect only visual parameters of the lines.

It’s easy to use Murrey Math Line X. 0/8P and 8/8P lines are the ultimate resistance and support lines — they are very hard to break. 1/8P and 7/8P lines are weak support and resistance lines, but if the price stopped near them, it will reverse and change direction. 2/8P and 6/8P lines are strong reverse points. 3/8P and 5/8P are the bottom and the top of the average trading range respectively; it is very likely that the price will either pierce this range fast or will remain inside it for a long time. 4/8P is a major support and resistance line; sell and buy when the price crosses it for a certain profit. The blue arrow marks the final calculated bar.

Downloads:

Murrey Math Line X in .zip

Murrey Math Line X in .mq4

Not So Squeezy MetaTrader indicators — are actually a set of indicators that are required for the Not So Squeezy trading strategy. You can find the detailed descriptions of the indicators from this package in the instruction manual for Not So Squeezy strategy.

Indicators in this package:

• Bollinger Squeeze Basic — custom indicator based on Bollinger Bands and measures volatility; it’s used in actual trading system.
• Bollinger Squeeze Advanced — the version of the previous indicator with some extra features; not used in the trading system.
• Keltner Channels — an envelope indicator for Bollinger Bands support; not used in the trading system.
• Rainbow MMA — comprised of eleven smaller custom indicators, Rainbow Multiple Moving Average helps in measuring the trend with its 88 differently timed moving averages; it’s used in the actual trading system.

On the chart you can see the attached indicators from this package as well as 2 standard Simple Moving Averages and standard Bollinger Bands. You can read more about the whole system, including the actual entry, stop-loss and take-profit settings in the Not So Squeezy Trading Manual.

Downloads:

Not So Squeezy in .zip

Pattern Recognition Master MetaTrader indicator — the kind of indicator that helps you with the routine work, marking the candlesticks on the chart with the names of the corresponding patterns (like doji or shooting star) where applicable. All you have to do is just looks if this chart pattern is bullish or bearish, check the general trend and decide your trading stance. You can refer to this list of Japanese candlestick patterns to quickly find the signal value of the recognized patters.

Input parameters:

• Show_Alert (default = true) — if set to true, shows the alerts when certain pattern is detected.
• Other parameters — turn on and off display of various patterns. It’s not recommended to change them.

First, you should understand that this indicator only indicates the patterns. You see the symbols near the candlesticks and you see the legend for the symbols in the upper left corner of the screen. Second, you need to know how these patterns work and when one signals for short position and signals for long. For the experienced Japanese candlestick patterns traders it’s a really helpful tool, for many other traders — it may prove useless.

Downloads:

Pattern Recognition Master in .zip

Pattern Recognition Master in .mq4

Price Alert MetaTrader indicator — plays sound alerts when the price reaches certain levels that are set by the trader. There are three types of alerts: first one is used when the price rises above certain level (displayed with the green line on the chart), second one is used when the price falls below certain level (displayed with the red line on the chart), third one is used when the price reaches the certain level exactly (displayed with the yellow line). All alerts turn off when they are triggered and can be turned on again with the new values.

Input parameters:

• SoundWhenPriceGoesAbove (default = 0.0) — if price goes above this value the alert will be triggered.
• SoundWhenPriceGoesBelow (default = 0.0) — if price goes below this value the alert will be triggered.
• SoundWhenPriceIsExactly (default = 0.0) — if price is exactly at this value the alert is triggered.

This indicator can’t be used as a trading system and it isn’t generating any signals. You can use it whenever you wish to be notified of some new price levels. Then you can use the moment to do whatever you want with the market. You can set the input parameters to zero value if you don’t want to use some of them.

Downloads:

Price Alert in .zip

Price Alert in .mq4

RSIOMA MetaTrader indicator — this indicator takes two moving averages calculates their RSI (Relative Strength Index) and then also adds a moving average of the calculated RSI. These two lines now can accurately signal the trend changes. They are shown in the separate window where they change from 0 to 100. Additional histogram indicator is shown for quick reference below the lines.

Input parameters:

• RSIOMA (default = 14) — the period of the RSI and the moving averages that are used to calculate the RSI. Increase for smoothness, decrease for signal frequency.
• RSIOMA_MODE (default = MODE_EMA) — mode of the moving averages used for RSI.
• RSIOMA_PRICE (default = PRICE_CLOSE) — price levels used to calculate moving averages that are used for RSI.
• Ma_RSIOMA (default = 21) — the period of the moving average of the RSI.
• Ma_RSIOMA_MODE (default = MODE_EMA) — the mode of the moving average of the RSI.
• Other parameters — configure the color settings and the trigger levels for the lines. It’s highly recommended not to change them.

On the picture the bold blue line is RSI of the moving averages, the thin violet line is its moving average. RSI above MA and RSI above level 50 is a signal of a bullish trend. RSI below MA and RSI below level 50 is a signal of a bearish trend. One can also buy when the RSI breaks level 20 from below and sell when RSI breaks level 80 from above, but those are weaker signals. Histogram provides quick reference. Green lines signal BUY, red signal SELL, magenta mean overbought, blue mean oversold.

Downloads:

RSIOMA in .zip

RSIOMA in .mq4

Support and Resistance MetaTrader indicator — as the name of this indicator suggests, it displays the support and resistance levels. It shows them directly on the chart, providing an easy help when you want to set stop-loss or take-profit level, or when you want to see the next market target. This indicator uses the standard MetaTrader Fractals indicator (by Bill Williams’ method) and has no changeable input parameters.

The picture says it all. Use the levels marked by the blue dots for support and the levels marked by the red dots for resistance. And don’t forget that support may become next resistance if breached and vice versa.

Downloads:

Support and Resistance in .zip

Support and Resistance in .mq4

Trade Assistant MetaTrader indicator — a multi-timeframe indicator that is based on three standard indicators: Stochastic, RSI (Relative Strength Index) and CCI (Commodity Channel Index). It displays current trend directions for M5, M15, M30, H1, H4 and D1. When you follow such an indicator you have the clear picture of the trends in all important timeframes. It doesn’t matter to what timeframe chart you attach this indicator. It’s also not recommended to change any input parameters.

Input parameters:

• PercentK (default = — period in bars for calculation of the line %K of Stochastic indicator.
• PercentD (default = 3) — period in bars for calculation of the line %D of Stochastic indicator.
• Slowing (default = 3) — the value for slowing of Stochastic indicator.
• RSIP1 (default = 14) — period for the first RSI (fast).
• RSIP2 (default = 70) — period for the second RSI (slow).
• Other parameters — represent the symbol codes for the trend direction arrows. Better leave them alone.

Although it’s quite obvious how you can use such an indicator, I suggest buying and selling only when all indicators signal same direction in your timeframe and both neighboring timeframes. E.g. go long in M30 timeframe only if all indicators say BUY there and in both M15 and H1 timeframes.

Downloads:

Trade Assistant in .zip

Trade Assistant in .mq4

Traders Dynamic Index MetaTrader indicator — a comprehensive but helpful indicator that uses RSI and moving averages along with some on-the-fly volatility calculations to offer the trader a full picture of the current Forex market situation. This indicator can use sound alerts.

Input parameters:

• RSI_Period (default = 13) — period in bars for calculation of RSI.
• RSI_Price (default = MODE_CLOSE) — price type to use in RSI calculation.
• Volatility_Band (default = 34) — parameter for volatility band calculation. Can be between 20 and 40. The lower this value is the curvier becomes the band.
• RSI_Price_Line (default = 2) — period of the first moving average (fast).
• RSI_Price_Type (default = MODE_SMA) — type of the first moving average.
• Trade_Signal_Line (default = 7) — period of the second moving average (slow).
• Trade_Signal_Type (default = MODE_SMA) — type of the second moving average.
• UseAlerts (default = false) — if true then sound alert will be played each time red and yellow lines cross.

At a first glance this indicator isn’t easy to use, but you’ll get used to it. For scalping enter long when green line is above red line and short when red line is above green line. For short-term trading enter long when green is above both red and yellow; short when red is above both green and yellow. For medium-term trading enter long in the same conditions as in the short-term but only when all lines are below 50, for short — the same but above 50. Mind the blue volatility band as it points to the long-term market strength and volatility when wide. Steep green line changes also signal short-term market volatility.

Downloads:

Traders Dynamic Index in .zip

Traders Dynamic Index in .mq4

TRO MultiPair MetaTrader indicator — based on several custom indicators that are included in the package, this indicator can display trend directions for several currency pairs and on all possible MT4 timeframes simultaneously. The indicator is displayed in a separate window of the chart. The legend for the indicator is displayed on the right side of the chart. You can choose where to go short and where to go long by simply looking at this indicator. It doesn’t matter to which currency pair or timeframe you attach this indicator, it will show everything that’s set in its input parameters. TRO MultiPair is a very resource-consuming indicator; you should turn off any timeframes and currency pairs you don’t use. It has a lot of input parameters but only few of them are used for the actual tuning.

Input parameters:

• pairs (default = GBPUSD;EURUSD;USDCHF;USDJPY) — currency pairs for which to display this indicator. Just list them with semicolon as separator.
• timeFrames (default = M1;M5;M15;M30;H1;H4;D1;W1;MN) — timeframes for which to display the indicator. Just list them with semicolon as separator.
• myAlert (default = false) — if true then alerts are used.
• ShowLegend (default = true) — if true then the legend is displayed.
• ShowCount (default = true) — if true then the count of the trend directions by timeframes is displayed.
• Other parameters — change various visual settings.

Trading with this indicator is very intuitive. As you see on the legend, there are weak and strong signals and also neutral signals. You can develop your own strategy with this indicator, but I recommend entering the trades only when all timeframes for a given currency pair point in one direction and there are no weak or neutral signals. Exit positions when the signals that you used to enter are in minority.

Downloads:

The latest version and the full code of this indicator can be found at www.kreslik.com.

You can also download an old version of TRO MultiPair in .zip.

TzPivots MetaTrader indicator — should be attached to the H1 or lower timeframe chart. This indicator will display the pivot points and support and resistance lines for the intraday trading. It calculates them by its own formula based on the previous trading session. You can use the resulting lines as entry and exit points.

Input parameters:

• LocalTimeZone (default = 0) — the timezone of your MT4 server. For example, if your server is in New York you should set this parameter to -5.
• DestTimeZone (default = 0) — the timezone of the trading session you are using to trade in. For example if you trade in London set this parameter to 0.
• Other parameters — modify the visual representation of the lines. Don’t change them.

If you are acquainted with the pivot points and support and resistance lines using this indicator will be easy for you. The central pivot line bears a very high chance of reversal. The support and resistance lines become less strong the farther they are from the central pivot line. The weaker the line is the easier it is to break.

Downloads:

TzPivots in .zip

TzPivots in .mq4

Var Mov Avg MetaTrader indicator — although it’s based on the moving average, it doesn’t use any standard MT4 moving average indicators. It uses own formula to calculate the moving average with a complex noise filter to produce more accurate signals. The indicator displays dotted line in the main chart window exactly over the price curve. The changing colors of the dots signal trend changes. The indicator can signal sound alerts on trend changes; you can turn them on and off.

Input parameters:

• periodAMA (default = 50) — period of the main custom moving average. Unlike with other MAs, the higher is this number the less smooth the line is.
• nfast (default = 15) — first noise filter parameter. Higher values make indicator less sensitive to spikes.
• nslow (default = 10) — second noise filter parameter. Higher values make indicator less sensitive to spikes.
• G (default = 1.0) — the power of filtered part in the moving average. Another way to make the signal line smoother.
• dK (default = 0.1) — doesn’t really influence anything much.
• UseSound (default = true) — if true then sound alerts will be used.
• SoundFile (default = “expert.wav”) — name of the sound file for alerts.

When the dots are red, the price is in the downtrend. When the dots are green, the price is in the uptrend. Buy when red changes to green and sell when green changes to red. Use moderate stop-loss to protect yourself from the false signals.

Downloads:

Var Mov Avg in .zip

Var Mov Avg in .mq4

ZigZagOnParabolic MetaTrader indicator — based on two standard MT4 indicators — ZigZag and Parabolic SAR, it tries to show an improved version of the first one by marking the extrema of the chart with a smaller delay. Standard ZigZag looks for new extremum by searching the percentage deviation of the price from the previous extremum. This new ZigZag does so by looking at the Parabolic SAR indicator. Both ZigZag and the Parabolic SAR are drawn atop of the chart.

Input parameters:

• Step (default = 0.02) — one of the parameters of the standard Parabolic SAR indicator.
• Maximum (default = 0.2) — another parameter of the standard Parabolic SAR indicator.
• ExtremumsShift (default = true) — if true then the extrema are shown at their actual places; if false then the extrema are shown at the points in time when they were detected. Useful to see the delay between the actual extremum appearance and its detection point.
• History (default = 0) — amount of bars to use for calculation of the indicator. Change only if your PC is really slow. 0 — all bars are used in the calculation.

Although ZigZag indicators aren’t very good for actual trade signaling, this one can be used to enter short and long positions on maximums and minimums respectively. But the main use for this indicator is to build channels, patterns and other chart figures using the extrema as the basement.

Downloads:

ZigZagOnParabolic in .zip

ZigZagOnParabolic in .mq4

You want to share your own custom MetaTrader indicator for this page? Or do you have any comments/questions regarding any of indicators presented here? If so, please contact me.

Forex Indicators