How to Choose the Best Combination of Forex Indicators

The goal is to pick the best indicators set.
The challenge is to combine indicators in a smart way. This means that indicators should deliver different type of information about the market and confirm each other rather than duplicate signals.

Two Most Popular Forex Indicators

Variety of Forex indicators available on advanced Forex trading platforms can sometimes create a challenge even for an experienced Forex trader. To control the situation traders need to choose only useful tools & avoid information overflow.

Especially if you are a novice trader, we'd like to suggest you two most popular and widely used indicators to start planning your trades with.
These are: Moving Averages and Stochastic indicator.

The third place goes to MACD.

Elliott Waves

Elliott waves are one of the few studies that able to tell where the market is now, where it is likely to go next and, of course, what are the opportunities there for traders.

However, it's not a secret that to many traders Elliott waves theory is one the most difficult studies whether it comes to understanding, using it or following someone's forecast. We'll discover why.

Elliott Waves Basics
Elliott Wave Patterns
Elliott Wave Rules
Elliott Waves Indicators
Elliott Waves - Beginner steps
Elliott Waves - Trading plan
Elliott Waves and Fibonacci
Elliott Waves - Fibonacci click-by-click
Elliott Waves and Bollinger bands

How to Install MT4 Indicators

To download an indicator from

1. Right click on the indicator link
2. Choose "Save as" or "Save link as" to download the indicator.

To install your newly downloaded indicator to MT4, please use the following steps:

1. Close Metatrader4.
2. Place your new indicator into the MetaTrader "/Experts/Indicators" folder.
3. Run Metatrader4.

Average True Range (ATR)

ATR Indicator Forex

Forex MT4 indicator ATR Download: ATR.mq4
Forex MT4 indicator ATR histogram Download: ATR_histogram.mq4

Developed by Wilder, ATR gives Forex traders a feel of what the historical volatility was in order to prepare for trading in the actual market.

Forex currency pairs that get lower ATR readings suggest lower market volatility, while currency pairs with higher ATR indicator readings require appropriate trading adjustments according to higher volatility.

Bollinger Bands®

Bollinger Bands – a simple yet powerful indicator, ideal for traders who like visual style of trading.

Volatility Indicators - Bollinger bands Forex

Bollinger Bands: quick summary

Created by John Bollinger, the Bollinger Bands indicator measures market volatility and provides a lot of useful information:
- trend direction
- trend continuation or pausing
- periods of market consolidation
- periods of upcoming large volatility breakouts
- relative market tops and bottoms and price targets.


MACD Indicators Forex

Forex MT4 2 line MACDDownload: 2line_MACD.mq4
Forex MT5 2 line MACDDownload: 2line_MACD_DL.mq5

MACD is the simplest and very reliable indicator used by many Forex traders.

MACD (Moving Average Convergence/Divergence) has in its base Moving Averages.

It calculates and displays the difference between the two moving averages at any time. As the market moves, moving averages move with it, widening (diverging) when the market is trending and moving closer (converging) when the market is slowing down and possibility of a trend change arise.