Which indicator to choose when trading?
Indicators are divided into several types, depending on their purpose:
- trend indicators that allow you to identify the current direction of movement (moving averages, Bollinger bands)
- oscillators, determining the strength of the trend and the momentum of movement (stochastic oscillator, RSI, MACD)
- volume indicators that allow you to indicate the phase of a trend.
How to Install the indicator
The implementation of the indicator on a given chart window is very simple. Just click "Insert" -> "Indicators" and choose the indicator you are interested in. Depending on the selection made, a window will appear on the screen in which you will be able to configure the indicator both visually (line thickness, color) and also technically (interval, deviation, etc.)
Depending on the offer of the selected broker, the number of available indicators may vary. You can find the list of installed indicators by selecting the "navigator" window and then clicking on the "indicators" tab.
If you don't find the indicator that suits you, you can search the web. Once you find it, just click "File" -> "Open Data Folder" -> "MQL" and then copy the external indicator in .ex4 format to the "Indicators" folder.