Are you a trader and want to know what indicator are in forex, how to use them, and the most effective indicator? Read this article by Learn Forex Trading to learn about indicator forex. Thereby knowing the secrets and software to support effective use of indicator.
Collection of good forex trading support tools for traders, accompanied by detailed video installation and usage instructions for you.
Overview of indicators
Indicators are tools that support technical analysis in forex trading. They help you identify market trends, momentum, reversals, support, and resistance. There are many different types of indicator, each with its calculation and usage. However, no indicator is perfect, you need to combine many indicator to get the best results.
What is Indicator?
What is an Indicator? can be understood as mathematical formulas applied to price, volume, time, and other factors of the market. Indicators are displayed as lines, histograms, histograms, color areas, etc. on the price chart. Indicator can be divided into two main types: trend-following indicators and reversal indicator (oscillators).
How indicators work in Forex
Forex indicator work based on statistical and probability principles. They use past data to calculate and predict future data. However, indicator are not accurate tools. The tool is for reference and support purposes only. You should not rely entirely on indicator and ignore other factors such as news, psychology,…
To use indicator effectively, you need to clearly understand how to calculate, read, and apply them. You also need to choose an indicator that suits your trading style, goals, and time horizon. You should avoid using too many indicator on the same chart. The reason is because it will cause confusion and contradiction. Traders should reasonably combine indicator so that they complement and confirm each other.
See more: Become a wise investor with ForexFactory
Effective indicators in Forex
Among the hundreds of indicators available, some indicators are used and trusted by many traders the most. Below are some effective indicators in forex that you should know.
Latest Indicator Sessions
Indicator Sessions is a simple but very useful indicator. It displays the main trading sessions of the forex market. Includes Asian session, European session, and American session. By knowing the opening and closing times of trading sessions, you can choose the right time to enter the market.
In addition, traders can also identify times of high trading amplitude and times of overlap between trading sessions.
Download link: Here
Indicator RectangleReader
Indicator RectangleReader is an indicator that helps you plot support and resistance zones on price charts. Support and resistance zones are price zones where the market tends to turn and react. By using this indicator, you can identify important price zones. From there, choose the optimal entry and order points.
Download Link: Here
Indicator NewsCal-v107
Indicator NewsCal-v107 is an indicator that provides you with information about important economic events in the world. Economic events have a great influence on the fluctuations of the forex market.
Download Link: Here
Indicator Iclock_mod
Indicator Iclock_mod is an indicator that displays a countdown timer for each candle on the price chart. This helps you know the remaining time for each candle. Thereby, determine the starting time for the next candle.
Download Link: Here
Tips for trading forex with trading support robots
In addition to indicator, you can also use trading support robots to increase efficiency and convenience in forex trading.
Robot Timer by Ha Hai
By Ha Hai Timer Robot is a trading support robot that helps you place orders at the time you want. You can program the robot to open or close orders at a specific time, or a certain interval.
This robot is very useful when you do not have time to constantly monitor the market, or when you want to take advantage of trading opportunities during different trading sessions. This is a two-strategy robot, specializing in betting and negative strategy in the Australian session.
Download link: Here
Robot TradePanel
TradePanel Robot is a trading support robot that helps you manage trading orders quickly and easily. This robot provides you with a control panel on the price chart, allowing you to perform operations such as opening orders, placing a stop loss, taking profit, trailing stop, breaking even, etc.
You can also view account information, charts, trading history, etc. This robot helps you save time and effort, as well as increase accuracy and efficiency in trading. Strong support for Daytrader in trading. Automatically set SL-TP when entering new orders, canceling orders in bulk… and many other great functions in just one EA.
Download link: Here
Robot Equity Change
Equity Change Robot is a trading robot that helps you protect capital and control risk. This robot will automatically close all trading orders when your account reaches a certain capital gain or loss.
You can set capital increase or decrease by amount or percentage. This robot helps you avoid huge losses. Thereby, preserving profits when the market has unexpected fluctuations.
Download link: Here
FX Blue
FX Blue is a trading robot that helps you analyze and evaluate your trading performance. This robot will send data about your transactions to the FX Blue website, where you can view indicator such as win-loss ratio, average profit, average risk, drawdown,… Traders also can compare your trading performance with other traders. Thereby, as well as receive suggestions and recommendations to improve your trading skills.
Download link: Here
Secrets to trading forex with robots that support mass stop loss and take profit placement
One of the secrets to trading forex CFD with trading support robots is to use robots that support mass placement of stop loss and take profit. These are robots that help you set stop loss and take profit for multiple trading orders at the same time, instead of having to set each order individually.
Traders can set stop loss and take profit according to a fixed amount, or according to a certain risk/reward ratio. You can also set stop loss and take profit according to support and resistance prices or according to another indicator. Using robots to support mass stop loss and take profit placement helps you save time and effort, as well as optimize profits and minimize risks in trading.
Download link: Here
Robot supports mass cutting of forex trade orders
Another secret to trading forex with trading support robots is to use support robots to cut forex trade orders in bulk. These are robots that help you close multiple trading orders at the same time, instead of having to close each order individually.
Traders can close all trading orders or only close trading orders under certain conditions. For example, closing loss orders, closing profit orders, closing orders in a currency pair, buying/selling XAUUSD investing orders …
Using robots to support the mass cutting of forex trade orders helps you quickly escape unfavorable situations, as well as preserve profits when the market has strong fluctuations.
Download link: Here
Related Software
To use indicator effectively in forex trading. Traders also need related software support. Below are some related software that support the effective use of indicator that you should know.
Sports
Cports is a software that helps you manage your computer’s connection ports. You can view active connection ports, waiting, listening, etc. You can also close or open connection ports as desired. Using Cports helps you increase connection speed. At the same time, avoid security risks when using indicator in forex.
Use it when you need to check the server addresses of any Broker you are trading with to check or optimize the transmission line to improve order-matching speed.
You just need to download, unzip, and run the cports.exe file without installing
Download link: Here
See more: Instructions for registering an XTB account
Take advantage of indicators in forex with TradingView
TradingView is a software that helps you analyze and trade forex online. You can use TradingView to view price charts, apply indicator, draw technical lines, etc.
You can also trade directly on TradingView with partnering exchanges. In addition, you can also share and learn trading experiences with the trading community on TradingView. TradingView is a great software to take advantage of indicator in forex.
Metatrader4 & Metatrader5
Metatrader4 and Metatrader5 are the two most popular software for forex trading. You can use Metatrader4 and Metatrader5 to view price charts, apply indicator, draw technical lines, etc. You can also trade directly on Metatrader4 and Metatrader5 with partnering exchanges. In addition, you can also use trading robots (expert advisors) to automate your trading process. Metatrader4 and Metatrader5 are indispensable software to use indicator effectively in forex.
Thus, the article on Learn Forex Trading has information about what indicators are in forex. At the same time, I want to share with traders the secrets and software to support the effective use of indicators that I want to share with you. Hopefully, this article will help you gain the necessary knowledge and skills to successfully trade forex.
FAQs:
What is Indicator?
What is Indicator? It’s mathematical formulas that are applied to price, volume, time, and other market factors. Indicator are displayed as lines, histograms, histograms, color areas, etc. on the price chart.
Why should you use robots to help stop loss and make a profit?
Using robots to support mass stop loss and take profit placement helps you save time and effort, as well as optimize profits and minimize risks in trading.
Why should you use forex robots to support the mass cutting of forex trading orders?
Using forex robots to support the mass cutting of forex trading orders helps you quickly escape unfavorable situations, as well as preserve profits when the market has strong fluctuations.
