GOOD DAY. All traders have gone through dozens if not hundreds of indicators trying to find a few that seem to best fit their trading style or actually help their EA programming. I have been manually trading for 7 years now and wanted to share a few FREE indicators that I found that have actually helped me make some $. I have attached them to this post. Please post some of your own and briefly explain how you use them. This is only for FREE indicators (MT4 or MT5).
1. Trend BOLT. (Attached) This FREE indicator numerically adds MA's, MACD, and Stoch across all MT4 time frames. I used it for more than 12 months profitably and I still refer to it often. You can change the settings for each sub-indicator, and you can choose which time frames to use. The MAGIC of Trendbolt is that it weights higher time frames more heavily, so you can always have a good feel for what the "Big Boys" are doing.
Personally, I trade across multiple instruments, and this helps me to know instantly by color and number, which pair is the strongest or weakest. I am not using this now in my manual trading, but it helped me tremendously in my thinking about how the market moves, and I strongly recommend it. Caveat: Just remember that trends don't go on forever, and the one that is the weakest might become the strongest on the reverse. I have no relationship with the programmer.
2. Daily ATR showing 100% and 80% levels. (Attached) The 80% daily ATR level is a great place to start thinking about a reversal. 100% for sure. Referring to the picture, the EUR/USD will typically start to reverse up in this range. But never just jump in front of a "long" freight train barreling up a hill or try to catch a "short" falling knife because you "just know" that it will reverse at point X.
3. ATR stops used in REVERSE. (Attached) Most traders know all about using the Average True Range over X periods for their stops. But after watching the market for thousands of hours, I discovered that this indicator can be uncanny in its ability to signal ENTRIES. Why? When do traders exit? When price breaks the ATR stop. So that is when you enter the other direction. Very simple. However, I think it is imperative to keep your eye on the higher time frames with this one. Adjust to your risk tolerances, and watch it for awhile first so it will reveal its secrets to you. In the case below, the 1M is indicating a short, but the 5M is still long, so I would probably be FLAT. How to make the entry? Once a Support or Resistance level is broken, often there is a small pullback, and that is when you should enter in the direction of the break. And of course, you can use the very same indicator to place your stops like everyone else!
And finally, here is a picture of all three indicators working together. In this case, the EUR/USD appears to be stalling near the high of the day, but Trendbolt says its not done going up yet. So I will would wait for a red number on Trendbolt or see a solid break of the 15 min EUR/USD ATR stops.
Again, please share your favorite FREE indicators and tell us how you use them, or pepper me with questions on my post.
Does not support hedging orders on a single symbol on MT5
MultiMTCopier MT5Source - new and improved multi-terminal positions copier for your real / demo account, works faster, requires less, flexible in managing and upgrading, new information support. This expert is designed for terminal MetaTrader5 from which the position will be copied.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user attention Buttons for re
This product is similar to Tick volume analizer Expert Advisor, however it is implemented as an indicator. Release of this product is stipulated by the fact, that it is not possible to run two EAs in the same window.
Tick volume is equal to amount of ticks at the unit of time. There is direct correlation between tick volume and real amount of deals. Every change of the price is a result of a real request to perform a deal. Consequently, fewer requests we have, the less price changes we get, an
Trading Chaos Expert Lite is a light version of Trading Chaos Expert. In the Lite version it is not possible to receive the table of trading signals, automatically place pending orders based on them and maintain open positions for multiple symbols at the same time in one window. Only the Current Chart mode is available. In all other features the panel is fully consistent with the basic version of the Expert Advisor.
This is, rather, a well thought out trader's assistant which is not easy to do
The Expert Advisor uses the strategy of trading the Fibonacci levels. As the basis for placing a grid, the EA uses the ZigZag indicator (included in the standard MetaTrader delivery).
First, the EA determines the trend direction. To do that, according to the Dow theory, it uses the last two Highs and last two Lows of the ZigZag.
If the last High is higher than the previous and the last Low is higher than the previous, the EA considers the trend to be ascending. If the last High is lower
The trade strategy is based on three moving averages. To determine the trend, it uses three exponentially smoothed moving averages: FastEMA, MediumEMA and SlowEMA.
Buy signal: FastEMA>MediumEMA>SlowEMA (upward trend).Sell signal: FastEMA<MediumEMA<SlowEMA (downward trend).Input parameters:
Inp_Signal_ThreeEMA_FastPeriod = 8;Inp_Signal_ThreeEMA_MediumPeriod = 38;Inp_Signal_ThreeEMA_SlowPeriod = 48;Inp_Signal_ThreeEMA_StopLoss = 400;Inp_Signal_ThreeEMA_TakeProfit = 900;Inp_Money
Informer for VPS - report on the state of your account via e-mail. Useful for controlling your Expert Advisors that run on a VPS or a dedicated computer. Information about open positions and last deals for a day, week, month or year grouped by currency pairs.
Adjustable periodicity of reports and depth of deals included in the report. A possibility to add own comment to each report. You will receive reports on e-mail with specified periodicity: from 15 minutes to once a day. The reports are se
Safe Automatic is a safe MetaТrader 5 trading robot working autonomously on a VPS server. The good results are achieved on EURUSD.
The EA applies modified versions of a trend-following strategy, half-pyramiding, scalping, Elliott Wave method and speculating trading with a deposit protection. The EA switches the strategies automatically. The robot does not trade at night from 10 p.m. to 4 a.m. (server time).
The robot was tested in the special tester on real ticks. Empirical e
The indicator is intended for determining the spread and swap size, the distance for setting stop orders and stop losses from the current price allowed and the risk per 1 point in the deposit currency.
The indicator informs a trader about possible additional expenses and profits connected with transferring a position to the next trade session of the financial instrument. It also informs about the spread size and the distance of pending orders, stop loss and trailing from the current price. In a
The indicator calculates the quantum frequencies using the current market data. The quantum frequencies are used in Spectrum analysis of automated trading systems to create quantum filters for selecting signals, i.e. skipping trades that are likely to be unprofitable.
How It Works
It analyses the trade results of automated trading system for each frequency (512 frequencies are used). Calculation of the frequency response to search for "profitable" and "unprofitable" f
This is a panel for controlling the profit/loss in dollars, pips or % of balance. A new function for trailing profits has been implemented.
The panel can be used as a virtual Stop Loss or Take Profit.
It also features the emergency button - CLOSE ALL.
You can also try the full version of the VirtualTradePad for mt5 panel, as well as the Profit or Loss for mt4 panel
Other versions in this collection:
VirtualTradePad for mt5 Digit Market Time Pad Market Time Pad Scalper PadMain f
The script is intended for automatic placing of Sell Stop pending orders, Stop Losses and Take Profits on the user specified levels. This script is not that useful as "Virtual pending buy stop", since short positions are opened as Bid price crosses the levels. Thus spread widening is not dangerous. Nevertheless, you need to have this script to prevent unwanted hitting of the Stop Loss levels.
Automation of the process of placing the Sell Stop pending orders, Stop Losses and T
qAutoActivation indicator is one of the main components of Trading Chaos Expert trading expert panel. The indicator displays the current trend on the current timeframe. This is the first indicator that is attached to the chart and saved in the trading complex template. It defines what trading signals from the expert panel should be automated for market entry (bullish or bearish ones).
When the trend changes, the indicator changes the line color and, at the same time, highlights the trading pane
Percent Crosshair is a powerful and easy percentage measure tool.
Measure the chart percentage very quick! Don't waste your time anymore!
Just attach the Percent Crosshair indicator in the chart, select crosshair mode at toolbars or press "Ctrl+F" and start using the crosshair as you always do! The percent measure will be next to the indicative price.
Customize your indicator the way you want!
There are 4 entry parameters:
Positive % color: set the desired color when % is positive. Negat
The PZ Day Trading indicator detects reversals in a zig-zag fashion, without repainting or backpainting. Based on breakouts of variable lengths, the indicator uses only price action to pick trades and reacts to the market very fast. The positional accuracy of its signals offers huge opportunity for profits, easily up to 80% winners.
Amazingly easy to tradeChart statistics will help you to optimize your tradingIt works on every single timeframe without fine tuningThe indicator analyzes its own q
The economic calendar is made in the form of an Expert Advisor that downloads the data from one of the most popular Forex sites (forexfactory.com/calendar.php). The data is presented in two ways. The first (primary) is represented as icons with detailed information about the event. The second is displayed as a line with a news description. Economic Calendar downloads published news in real mode with the possibility to adjust the spacing of data validation and user-friendly customizable graphical
The script allows users to easily close positions if their profit/loss reaches or exceeds a value specified in pips.
Please set slippage value first. Sometimes some positions do not close due to high volatility of the market. Please set larger slippage or restart the script.
Does not support hedging orders on a single symbol on MT5
MultiMTCopier MT5Receiver - new and improved multi-terminal positions copier for your real/demo account, works faster, requires less, flexible in managing and upgrading, new information support. This Expert Advisor is designed for the MetaTrader 5 terminal, trades will be copied into this terminal.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user attention
ROMAN5 Bollinger Bands TrailingStop includes BreakEven facility. TrailingStop automatically moves the Stop Loss with the Bollinger Bands level. You can place ROMAN5 Bollinger Bands TrailingStop in any chart. It comes with an alert that will sound whenever a new signal appears. It also features an email facility. Your email address and SMTP Server settings should be specified in the settings window of the "Mailbox" tab in your MetaTrader 5.
Bollinger Bands Parameters:
BB Period - The averagin
Fast Copy MT5 allows to copy trades between different MetaTrader 5 (netting)(hedge) and MetaTrader 4 accounts in any direction and amount, quickly and easily (without loading the system).
Any type of copying is available
MT5 —> MT5 MT5 —> MT4 MT4 —> MT5 MT4 —> MT4
* For any interaction with the MT4, it is necessary to additionally install Fast Copy MT4
One tool for sending and receiving transactions: [master] > [slave] operation mode can be selected in
We present you an effective software solution for arbitrage between brokers.
The Arbitrage on the market became widespread due to decentralization. There are many liquidity providers, whose quotes differ for various reasons. By tracking the dynamics of changes in the quotes of different brokers, it is possible to determine the delayed and leading brokers, thereby predicting the future prices of the delayed broker for a short time. Knowing these prices and using efficient built-in software filte
The indicator plots horizontal support and resistance levels using grouping of extrema. The levels are displayed as lines whose color depends on how many times the level was a support or resistance line over the specified interval. You can also display counters for support, resistance and age of the level in text format. The age of the level indicates how many bars back the level had the most recent impact on the price (on the chart time frame as specified in the settings). Given the age of the
VirtualTradePad - is a contol panel for working with orders in МetaТrader 5 : buy, sell, buystop, buylimit, sellstop, selllimit, close, delete, modify, tralling stop.
VirtualTradePad won 2nd prize in the "Best Control Panel in the MQL5 Language" Contest.
The panel consists of 5 tabs.
VirtualTradePad PositionsStyle VirtualTradePad Ordersstyle VirtualTradePad SignalsStyleDemo version of the panel - VirtualTradePad LiteProfit or Loss PadINFO PadYou can also try this panel for
Pipfinite creates unique, high quality and affordable trading tools.
Our tools may or may not work for you, so we strongly suggest to try the Demo Version for MT4 first. Please test the indicator prior to purchasing to determine if it works for you.
We want your good reviews, so hurry up and test it for free...we hope you will find it useful.
Exit Signals are NOT to be used in entering a trade!
Exit means closing your trades to avoid correction/reversal which can wipe out existing
This is an utility for automatic scaling of a chart and making at least 140 bars visible in it. This is necessary for a correct wave analysis according to the Bill Williams' strategy "Trading Chaos". The utility can be used on any timeframe available in МetaТrader 5.
It draws a vertical line through the first bar the calculation starts from. This line allows you to see the probable starting point of the wave sequence along with a sufficient number of bars displayed in the chart. It also makes t
The script is intended for automatic placing of Buy Stop pending orders, Stop Losses and Take Profits on the user specified levels.
Avoiding unwanted entering a long position in case of false hitting the level as a result of widening of the spread by a dealing center. Avoiding unwanted triggering of a Stop Loss in case a quote pierces a significant level (fractal) without further confirmation with the close price. Setting a necessary virtual order and entering the market in
The script creates account summary report in a separate window.
The report can be created for all deals and on deals for selected financial instruments.
It is possible to specify a time interval of calculation and save report to htm-file.
The script creates account summary report in a separate window.
The report can be created for all deals and for deals of the selected financial instruments.
It is possible to specify a time interval of calculation and save report to htm-file.
This is an extended version of Heiken Ashi indicator with the ability to average (smooth) the values for the specified period of bars and select the applied price: considering "Open price" or not. The description is provided in the parameters. Three screenshots are displayed below: standard version (1 bar), 3 bars and 5 bars.
МetaTrader 4 version: https://www.mql5.com/en/market/product/7326
Times & Sales is a famous (and old!) trading tool. However, it is not present in MetaTrader 5 as a built-in tool.
DeltaTrader now presents this indicator for MetaTrader! It has the following characteristics:
Two flag modes: FOREX and EXCHANGE
FOREX: black color: last price = 1-Minute opening price / blue color: last price < 1-Minute opening price / green color: last price > 1-Minute opening price. EXCHANGE: black color: last price = between quotes / blue color: last price = bid price / gre
Auto Trade Driver is an automatic powerful tool (run as Expert Advisor) that helps you to manage risk and control orders and maximize your profit in multi-protect/trailing-stop rules.
This tool is very useful for both scalpers and trend followers. It not only calculates the trade risk exactly, but also protects and maximizes your profits in real-time.
With this tool, the only thing you have to do is to enter trade by your own strategy, then it will auto-drive your position with exit strategy y
This oscillator was developed exclusively by xCalper in 2015 based on moving averages calculations to indicate and try predicting oversold and overbought levels.
The fast line (white, by default) oscillates basically between values -0.5 (oversold) and +0.5 (overbought). Whenever this line crosses upward value -0.5, it means an oversold price level. When it crosses downward value +0.5, it means an overbought price level. When fast line crosses value 0.0 and returns, it is a strong pull-back indi
You are welcome. I have had several wonderful mentors, and they were all generous with their time and their knowledge. I know how maddening trading can be, and I want to help ease some of the pain!
Of course we all have to travel the same journey when trading manually, but with the right help, some on MQL5 might be able to travel via skateboard instead of by foot. I truly believe there is no perfect indicator. However, with two or three interpretive indicators and then some outside help, lots of practice, and disciplined determination, I think many more people could be profitable in this business.
So here we are this morning with the GBP looking like it wants to tank. But wait! What a bout the ATR? Price is below the pink line, and the range is 100.7 or about 19 pips higher than the 82 pip average range (I think it is set for 14 days). What do you do??? Well, we are looking for "high-probability" trades. Is going short here a high-probability trade? NO IT IS NOT. Yes, it MAY completely tank at this point! You could be right. But you could just as easily be wrong. Just wait on this pair, and go look for another trade. THAT is why I like to trade multiple pairs. As one author penned, "There is always a bull market somewhere!"
Great read as always!
Do you want to share how you setup trendbolt, or do you use the standard settings like showed in the picture you attached?
I also read somewehere about a simple rule following trendbolt trends:
When it shows 50% up/or downtrend, follow the trend (buy or sell), TP when it reaches 70-80% (according to your risk/reward style). I have no idea about SL settings, you will have to experiment with that one. Not sure if following it blindly will create profits, but it might be another indicator to watch while you do your usual moves!
Great read as always! Do you want to share how you setup trendbolt, or do you use the standard settings like showed in the picture you attached? I also read somewehere about a simple rule following trendbolt trends: When it shows 50% up/or downtrend, follow the trend (buy or sell), TP when it reaches 70-80% (according to your risk/reward style). I have no idea about SL settings, you will have to experiment with that one. Not sure if following it blindly will create profits, but it might be another indicator to watch while you do your usual moves!
Thanks. I leave the settings alone except I usually turn off H4 and D1 because I like to take fast small trades of about 7 pips each. Trendbolt is more responsive this way because the higher time frames are weighted more. I want a speedboat to follow, not a battleship. I tried faster settings on the MACD like I use in my own trading, but it didn't work any better. Again, the point for me is to compare instruments, so the ruler really doesn't matter, as long as I use the same one on each. Swing Traders should probably leave all timeframes up.
I used to put Trendbolt on the Dow and Nasdaq as well (since my MT4 broker offered them), and that would help me stay on the right side of the market (see Risk ON vs Risk OFF).
The rules you mention seem like really good ones. But I never used this great tool in isolation. I used S & R and MAs ("dynamic" S & R) for entries and exits. I would not use this blindly unless you are swing trading and have huge stops.
I mentioned before that the weakest one may not stay the weakest one for long. This is so true. Nevertheless, it is OFTEN true for the beginning for new trends, and THAT is the main way I used it: "I see now that the market is rolling over. Which currency pair out of the six I am watching seems to be the weakest?" Then I would enter the two weakest pairs but not stick around too long!
How did I forget this???
My FAVORITE free indicator of all time is simply the 50 period simple moving average. (50 SMA)
1. TREND. I have found the 50 SMA it to be the most reliable directional trend determination tool.
2. DYNAMIC RESISTANCE. I have found the 50 SMA to be uncanny in its ability to repel price on pullbacks. In other words, I will often use it for exits or even entries. I consider it as valid as any horizontal Support or Resistance line.
3. I have found it extremely helpful when I am not using Trendbolt to quickly see the SMA angle and position of price in relation to the 50 sma to compare three instruments for trade setups.
4. The corollary to #1 is this--the 50 sma is a valuable RANGE determination tool. If the 50 SMA is flat, I will NOT trade at all (unless I am only scalping in a range).
Try 55 period... it is fibo. number