The trading platforms Metatrader 4 and Metatrader 5 present the great advantage compared to other similar applications, to enable the development and implementation of custom technical indicators through the use of MQL4 programming language, which is quite easy to learn. Any trader with some programming experience can design their own trading indicators in no time. Even traders without any knowledge about programming can learn how to use MQL4 within a few days if they have a good tutorial.
In most cases, these custom indicators are based on the existing and most common standard indicators like moving averages or oscillators. But sometimes there are indicators developed with new designs based on trading strategies and/or principles created by expert traders. In this case there is no limit to what a trader and programmer with knowledge in MQL4 can create, all depends on the imagination of the programmer.
In this way, for example, if a the trader uses moving averages crosses to open and close positions, he can design an indicator that can show these crosses and produce an alert sound. With an indicator like this, the trader should no spend all day watching charts looking for moving average crosses as the indicator will show them in the precise moment of their formation which is indicated by the sound signal. Also, a the traders can combine their favorite indicators into one customized. Custom technical indicators in Metatrader should not be confused with Expert Advisors, as they do not perform any automated tradein the market, only serve as a tool to support our analysis of market conditions.
This section includes a collection of custom technical indicators designed by expert traders which are based on all types of trading systems and traditional technical indicators. In some of these indicators we will give a brief explanation of how they work and how can be used. For each indicator, this site shows a complete description which indicates the main parameters, the technical indicators used in its creation, how to analize the market and trade with it and a download link. However, we recommend that each investor test these indicators in a Metatrader 4 or 5 demo account before use their signals to trade with real money.
If you have any questions about this trading platform please check the information in the following link:
List Of Metatrader 4/5 Indicators
Below is the collection of technical indicators for Metatrader 4 and Metatrader 5. The download of these files is free. If there is any visitor whose indicator is included here and do not want this to appear, please contact the webmaster of Forexformation and we will remove it inmediately. Because the files of these indicators are very small, we included several of them in a single download file for convenience.
Indicator | Features | Complete Review |
|---|---|---|
| Aroon indicator for highs and lows | Its objetive is to find the maximum and minimum of any period and it is based on the Aroon indicator. It is useful to determine the trend changes. | Review |
| Begineer | It shows the extreme values that can be used as supporting points. It is a simple indicator that uses some period to find the highest and lowest points and mark them. | Review |
| CCI Arrows | It is an indicator based on CCI which produce trading signals that consist in blue and red arrows drawn in the chart | Review |
| 3rd Generation Moving Average | A version of the classic indicator moving average (MA) with the time delay reduced to as low as possible, preserving the flowability of the moving average. | Review |
| BB MACD | This custom indicator is a variation of MACD, based on moving averages and standard deviation indicator. It can be used to determine the beginning and end of the trend and also the strength of the trend (where the gap between two bands is larger, the trend is stronger). | Review |
| BMA | A version of the moving average indicator that retains the traditional functionality of the MetaTrader moving average but adds two bands to the standard line. These bands are set (default) 2% below and 2% above the main line and serve as strong levels of pull-back. | Review |
| Karl Dittman indicartors | 5 new indicators for Metatrader 4 designed by a famous expert trader in the Forex market named Karl Dittman. These indicators are made available to any trader for use at their discretion. | Review |
| Inverse Fisher Transform of RSI | This custom indicator is a development based on the RSI which applies the inverse transformation of Fisher to smoth this oscillator | Review |
| New Candlestick Charts Indicator for Metatrader | This indicator shows patterns of Japanese candles that indicate possible changes or continuation of the market trend. | Review |
| Coppock | It is a development based on the classic indicator of Edward Coppock which helps to detect the maximum and minimum. | Review |
| Detrended Price Oscillator | A price oscillator version that works well to detect changes in the short term trend. | Review |
| ZigZagOnParabolic | An enhanced version of MetaTrader standard ZigZag indicator, which is based on another standard indicator,the Parabolic SAR. Basically it serves to detects the extremes in the chart. | Review |
| TzPivots | An indicator which shows the daily pivot points. The traders have to put two input parameters: LocalTimeZone - time zone of your server MT4/MT5 trading (eg "-5" if New York time) and DestTimeZone - time zone of the session for which you want to calculate pivot points (eg "+9" for pivot points of the session in Tokyo). | Review |
| Var Mov Avg | This is an indicator based on the calculation of moving averages of varying periods. It indicates buy and sell signals produced by the crosses of the moving averages and also indicates the current trend. | Review |
| Dots | This is very good indicator to detect the direction of the trend with the possibility of filter the price spikes. It includes some adjustable parameters. | Review |
| Easy Trend Visualizer | It shows the beginning/end of the trend, along with periods of range. It is based on standard indicator ADX and generates fairly accurate signals of the trend. | Review |
| Fisher | It find the maximum and minimum levels for a given period of time. It applies custom calculations to the relationship between current price and the levels found and draw the histogram of the trend. Also, it check the upward trend with green lines and the downtrends with red lines downtrends. | Review |
| Float | This MetaTrader indicator scans the latest trends and tries to apply the current price data, showing the start / end of the trend in a separate window. It also shows Fibonacci levels on the main chart window. | Review |
| Keltner Channel | This indicator for MetaTrader offers the combination of moving averages of trends and volatility. It is a good tool to trade with the market breakouts. | Review |
| Laguerre | This is an indicator which consist in a line that gives the trading signal for long and short positions when it crosses the upper limit from above or the lower limit from below | Review |
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