Top 7 Forex Indicators Used for Expert Advisors
The image of forex trading has certainly changed a lot over the years, as the advent of web-based trading has brought it closer to the masses. For that reason, it really is no surprise to see so many people dabble in forex trading as a means of investing. Many forex traders make use of technical indicators to guide them in predicting and making the right trading decision usually via some of the best FX robots. One such indicator is the non-repainting indicator which does not change its values after the price bar is closed. There are several such indicators used in the forex market, as mentioned below.
- Non-repainting SuperTrend Indicator
Non-repainting SuperTrend Indicator is a stable forex indicator which uses a moving (statistical) median of the arithmetic mean (High + Low)/2 of the bars instead of a moving average. The median is more robust than any other average. It then calculates the Median and ATR of the previous bar. When the bar closes on the other side of the strop line, the indicator gives a reversal signal. It can be used for any currency pair in any time frame from 5 minutes to 1 month.
- X-Brain Method Ultimate Forex Indicator
X-Brain Method Ultimate Forex Indicator is a non-repaint indicator available for $297, which gives traders a lifetime license. It is based on price action patterns and channel breakouts, representing a symbiosis of standard MT4 indicators. The indicator can send signals directly to the trader via Mobile Notification, or platform pop-ups, allowing traders to use multiple charts at the same time. Besides currency pairs, the indicator can be used for trading stocks, commodities, cryptos, precious metals, oil, gas and others.
- Renko Street Indicator
Renko Street Indicator is an indicator that uses the principle of Renko charts to filter out market noise such as spikes and manipulation. As Renko charts are based on price and not on time, they can update dynamically tick by tick. The indicator is known for correctly predicting the change in the market sentiment preceding a new trend.
- Magnum scalping indicator
Magnum scalping indicator is a scalping indicator that uses trend lines, support and resistance, and other complex strategies. It trades on any currency pair on the M1 or M5 timeframes. Here, a buy signal is indicated if the price breaks through the lower border of the channel, the level of support from the red point line has been formed and a green arrow pointing up. A sell signal is indicated when the price breaks through the upper border of the channel, the level of support from the blue points and a red arrow pointing down.
- Turning points and divergence indicator
Turning points and divergence indicator smoothes out market swings and aims to predict turning points as well as hidden divergence with phase one buying and phase two selling. It focuses on calculating the market strength to uncover potential turning points happening in the market. Once the tend confirmation has changed, the indicator signals a large circle.
- Order Blocks indicator
Order Blocks is a forex indicator that is priced at $200 for a lifetime license. It comes with a modern dynamic control panel on the chart. Thus traders can move this to any place to avoid interrupting price action analysis. Traders are able to apply numerous filters of order blocks such as regular or rejection, capitalized and non-capitalized. Signals are sent to the traders via email, SMS, or platform pop-ups. It can be used on any currency pair, stocks, commodities, cryptos, precious metals, oil and gas on the 1-minute and 1-month timeframes.
- FX Dart
FX Dart is a free forex indicator that uses the latest advanced algorithms to predict changes in the price movement. It is compatible with MetaTrader 4 and allows traders to add additional chart analysis to filter the signals further. Signals are sent to traders via mobile notification or platform pop-ups. It can trade any currency pair on the M15 to H1 timeframes.
Conclusion
There are numerous forex expert advisors that claim to be using several indicators to provide results. However, traders should understand what these indicators are instead of blindly investing in any forex robot product they come across.
