Traders in the financial market love to use indicators for market analysis. It is good to use a trading platform like MetaTrader 5 during these instances because this trading platform provides the best set of indicators allowing you to predict the movement of the market more easily. In this article, we are going to outline the best MT5 indicators to help you with your trades.
BB MACD Indicator
This indicator is known to have the best shot in MT5. The foundation of this indicator is very strong as it comprises Bollinger Bands and MACD oscillator. If you add this indicator into the chart, you will see it as purple and green dots that change in color later on. This tool helps you point out the emergence of a reliable trading signal in the financial market.
Scalping with Beginner
If you are interested in becoming an intraday trader, it is good for you to try the MT4 indicators that are used for scalping. The most useful of them all is the indicator called Beginner which is primarily made for MT5.
When you use this indicator, you will see the local price peaks as well as the troughs in the trading chart. This indicator shares a couple of components. It is capable of evaluating the AllBars or the number of candlesticks/bars before the signal is generated over a potential entry point in the market. Beginner is not just used to scalp signals, it is also used to identify the support and resistance levels.
Level Indicators
You cannot simply trade support and resistance without downloading the level indicator for your MT5 trading platform. This Support and Resistance indicator is categorized as one of the most popular tools belonging to this category. When it goes into the chart, the indicator will be marked as red and blue rhombuses. You can also use this indicator to predict the perfect entry point of your trades. Combine technical analysis and Support and Resistance and this will be done.
CCI Arrows Indicator
When talking about reliable indicators, CCI Arrow indicator must take a spot on this list. This indicator shows you the CCI cross accompanied by the zero occurs. This indicator will help you determine if it is best to open a short position or a long position.
CCI Arrow is mostly used to track direct signals before entering a position. But, you must ensure that the factor is in the overall trend direction. For green arrows, they are pointing for long trades but must not be overlooked in case there is a downtrend. For uptrends, you will see a green arrow that gives you a signal to go long.
Is It Possible To Measure Trading Volumes in MetaTrader 5?
If you have decided to use MetaTrader 5 instead of MetaTrader 4, you must be wondering if the new trading platform offers a horizontal volume indicator. For MT4, traders can use the Real Market Volume. Unfortunately, there are no free indicators in MT5 that allow you to show horizontal volumes. However, there are paid Expert Advisors that you can download and install.
