Retail traders all over the world know the fact that MetaTrader 4 is one of the most popular and the most sought-after trading platforms in Forex trading. Aside from its variety of tools, MT4 is also user-friendly that new traders will never find themselves confused when using the platform. If you are a newbie trader, the least of your concerns is the ins and outs of your trading platform because Forex trading itself is already confusing. But with MT4, it has the best functionality that every trader needs to become profitable. It also has useful indicators and add-ons to help you with your trades.
MetaTrader 4 Indicators
Position Size Calculators
One thing that you will definitely need in trading is sound risk management. It is a crucial part of trading and yet, it is something that’s mostly neglected by traders as they are more focused on their trading plans and strategies. They missed one very important aspect of trading – the management of risks. Since you cannot fully remove risks in trading, as risks are married to wins, one thing you can do to handle it is the creation of a proper risk management plan.
When you are first opening a position in MT4, the tendency is, you cannot see the percentage of your equity that you are risking in every trade. What you need here is a Position Size Calculator. It tells you the number of lots to trade depending on the risk tolerance, entry-level, stop-loss entry, account currency, account size, and price of the currency.
Reflecting on the previous performances can definitely affect your future results. With the help of an Order Indicator, you can see your previous trades on the chart. Order Indicator provides a nice overview of your moves. Sharing your trades on social media is also possible with the help of this indicator.
MT4 can provide the best interface ideal for technical analysis. However, it has this one huge problem – it can only be used on a single screen. Having it on one screen feels very limiting. But with this indicator, you can resolve this problem and finally load the script from one chart to another.
Just seeing its name, you will have a basic idea of what it does. It draws automatically the Fibonacci retracements based on the latest High and Low. It utilizes a ZigZag indicator when determining the highs and lows.
Another very useful indicator – the NewsCal that provides a good source of macroeconomic news. It is a very famous calendar and you have the opportunity to use it on your trading platform.
This indicator allows you to put a mark on the Highs and Lows for a specific time period. You can utilize it by setting the first trading hour on a DAX.
Monitoring your trading performance is something that’s very crucial for your trading plan in MetaTrader 4. With the help of iProfit Tracker, you can monitor the results of your trades and show them in another time frame. You can also monitor your entire performance for a week or even a month.