Have you ever wondered how to use technical trading indicators for forex trading? If yes, then you will definitely like this article.

When you choose your technical analysis trading strategy, you must choose your trading weapon carefully! And although my personal trading style involves a more pure trading style rather than the use of indicators themselves, I believe that they can be very useful when used correctly.

Today we will be discussing some of the best technical analysis indicators for Forex trading. We will discuss the signals we will receive from these indicators and how you can incorporate them into your own Forex trading approach.

Forex technical indicators

Let's start by discussing technical analysis indicators, which can lead or lag the time at which they provide a signal.

Leading indicators are also called oscillators. These are technical Forex indicators that give us an entry/exit signal before the actual occurrence of the corresponding event.

Lagging indicators are typically trend confirmation indicators. Lagging indicators provide confirmation signals after an event actually occurs. These trading indicators give us a confirmation signal that the trend on the chart is in full swing.

Let's now look at the best technical indicators for Forex trading:

Leading indicators (oscillators)

Leading indicators are indicators that manage to give you a preliminary signal. This means that a leading indicator can provide a signal to enter the market ahead of a potential move. Keep in mind that even if leading indicators help you get trading signals before starting a new leg, there is a high chance that you will receive false signals.

Therefore, traders often combine more than one leading indicator with the goal of eliminating as many false moves as possible. Let me now show you two of the most widely used leading technical indicators in Forex! These include the Stochastic indicator and the RSI indicator.

Stochastic indicator

The Stochastic indicator was created by George Lane and is one of the most popular indicators. I myself had the pleasure of studying George Lane's courses back in the late 2000s and spent about a week learning his trading techniques. But that's a story for another day. Basically, the Stochastic indicator is used to determine the overbought and oversold conditions in the market. In other words, Stochastic can sometimes tell you that the market is overbought and prices may be lowered for a correction in the near future. If the signal is in the oversold zone, then the stochastic is telling you that this currency is oversold and a rebound is possible in the near future.

The stochastic indicator consists of two lines that move together and interact with each other at some point. In addition, the indicator has an upper and lower zone. The upper zone is the overbought zone, and the lower zone is the oversold zone.

When two lines enter the lower area, the stochastic gives us an oversold signal. In this case, we can buy a currency pair when these two lines intersect at the top when leaving the oversold zone. If the two lines are in the upper area, the stochastic is telling us that the Forex pair may be overbought. Then we can sell the pair when the two lines cross down the overbought area. These are the two main signals that the Stochastic oscillator gives us.

However, stochastic is also very useful for divergence trading. If you do your technical analysis using Stochastic, you will often notice that the indicator moves up while the price moves down, or vice versa. These are bullish and bearish divergences. If there is a bullish divergence between price and Stochastic, we can anticipate a possible rise in price. The same thing, but in reverse, applies to bearish divergence. Now let's take a closer look at the Stochastic oscillator:

This is the H4 chart of the EUR/USD pair for the period from December 16, 2015 to January 20, 2016. At the bottom of the chart you can see the Stochastic indicator.

1. The first black arrow shows us that Stochastic is in the oversold area. Stochastic goes up and the price begins to rise.
2. Then we have an overbought signal. The decline comes immediately after this.
3. A new oversold signal marks the beginning of a new bullish trend.
4. The next overbought signal results in the biggest decline on this chart.
5. Stochastic moving down gives us one false oversold signal.
6. Afterwards we receive a real oversold signal, which allows us to enter a long position.
7. The next signal is tiny and hints at the market being overbought. The price reacts to it the same way.
8. Then we get a new overbought signal and we get a great move down.
9. On its way down, Stochastic gives us a false signal.
10. And at the end we get the last signal - oversold. And we get a slight upward movement.

RSI is another effective leading indicator. It is similar to the Stachastic Oscillator in that it provides overbought and oversold cues as well as divergences. However, the RSI only has one line, which is included in the upper and lower areas of the indicator. They are areas of overbought and oversold.

When the RSI line enters the upper zone, usually above the 70 level, we receive an overbought signal. This puts us short the Forex pair when the RSI line exits the overbought area. When the RSI line enters a lower zone, typically a level below 30, we receive an oversold signal. Then we can buy a Forex pair when the RSI line leaves the oversold zone.

The RSI indicator, like the Stochastic indicator, shows divergence. Sometimes the top and bottom prices in the RSI will diverge, giving us bullish and bearish divergence. Bullish divergences likely predict potential upward moves, while bearish divergences indicate potential downward movements.

Let's take a closer look at RSI in action:

Above we have the H4 chart of the GBP/USD pair for the period from September 1 to October 2, 2015. At the bottom of the chart you can see a technical indicator - the Relative Strength Index (RSI). The image simply shows two signals on a line for an oversold and overbought market, coming from the RSI.

After the first signal, which was in the oversold zone, the price begins a strong and steady rise, which lasts about two weeks. Then we receive an overbought signal for the GBP/USD pair. The RSI breaks the overbought area and the price begins a strong decline that lasts more than two weeks.

Lagging Indicators

From the name you can understand that these are indicators that lag. This means that the signal comes after the event has occurred and it acts as a confirmation rather than a prediction. So, it should be emphasized that the biggest advantage of lagging indicators is that they tend to give you FEWER false signals than leading indicators. On the other hand, their disadvantage is that they place us in the trend later. Let us now discuss some of these types of technical indicators:

ADX - Average Directional Movement Index

The Average Directional Index (ADX) is a technical indicator used for trend analysis. It shows how strong and reliable the trend is. This should not be confused with the direction of the trend. The ADX indicator does not show the direction of the trend. It provides only hints about the strength of the trend. The ADX indicator is considered one of the best trend indicators. The reason for this is that it shows the strength of the trend with higher accuracy and is very easy to understand.

ADX is simply a curved line that moves from 0 to 60, for example. Traders view ADX values ​​above 35-40 as signals for very strong trends. This is the moment when there is a very powerful trend in the market! Conversely, values ​​above 20 and below 30 are considered signs of a developing trend. When the ADX value is below 20, this is usually an indicator of a calm market state without a good trend. This is important to remember as most fakeouts occur during these low ADX values. That being said, it is generally advisable to stay out of the market if ADX is below 20 unless you are trading some sort of rangebound strategy.

The image below will show you how the ADX indicator works:

This is the daily chart of the USD/JPY pair for the period from July 29, 2014 to February 17, 2015. Above you see the ADX indicator with its 40.0 level line. As you can see, ADX rose above 40.0 a couple of times. At that very moment, the strength of the bullish trend increased. Since ADX does not provide any information about the direction of the trend, it is up to us to decide which way the trend will go. In this case, and usually in most cases, a quick glance at the chart will make our choice almost crystal clear.

Bollinger Bands

Bollinger Bands are a technical indicator based on price volatility. It consists of an upper and lower band, and a simple moving average in the middle. The upper and lower bands are used as and often the SMA is used as a position trigger.

When two bands are close to each other, it means that the currency pair is in a low volatility environment. When the bands begin to widen, it means that the Forex pair has experienced increased momentum and price volatility.

Look at the graph below:

This is a chart of the USD/CHF pair in the H4 time range. Period - January 12 - February 11, 2016. We also placed the Volume Indicator at the bottom of the chart, so that you can understand why the Bollinger Bands lines are expanding. As you can see, from January 12 to February 3, 2016, the Bollinger Bands lines were not quite close to each other. This means that USD/CHF trading volumes are relatively low and the Swiss Franc is rather out of trend. We have placed a line on the Volume Indicator which shows the average Swiss Franc volumes until February 3rd.

On February 3, 2016, Bollinger Bands begin to widen due to unusually high volumes of the Swiss franc (Swissy). At the same time, the price falls. This should be considered as a "decrease" in the USD/CHF pair. The Volume indicator confirms the expansion of trading for the USD/CHF pair.

MACD (moving average convergence/divergence)

MACD is an indicator that takes two moving averages of two price moving averages, and then smooths them out with two other moving averages. In addition to the indicator's two moving averages, there is also a histogram that shows the difference (distance) between the two moving averages. As you might have guessed, the MACD indicator lags relatively far. However, it is one of the most widely used Forex technical indicators.

Basic MACD signals:

• Open a long position when the two MACD lines cross upward.
• Open a short position when the two MACD lines cross downwards.
• Bearish divergence is when the MACD moves down and the price moves up.
• Bullish divergence is when the MACD moves up and down.

Now let me show you the MACD indicator in action:

Above you can see the daily chart of the AUD/USD pair. Period April 7 - October 23, 2015. At the bottom of the chart you can see the MACD with its histogram.

1. The first green arrow on the MACD shows a bullish cross of the MACD lines - a long signal. Price increases subsequently.
2. The first red arrow on the MACD shows a bearish cross on the MACD lines - a short signal. Price reductions subsequently.
3. The second green arrow is a bullish MACD signal. The price makes a slight increase, but then it falls, turning a potential trade into a losing one.
4. The second red arrow is a bearish MACD signal. The Australian dollar is falling sharply.
5. The third green arrow is a bullish MACD cross. AUD/USD increases slightly.
6. The third red arrow is a bearish MACD signal. The price is falling again.
7. The fourth green arrow is a bullish MACD cross. The price increases, but then falls. This trade is a loser.
8. The fifth green arrow is a bullish MACD cross. The price will melt again.

Parabolic SAR (Stop and Reversal)

The Parabolic SAR indicator was created by Welles Wilder, who also created the RSI indicator. Visually, it places small dots on the chart above and below the candle. When candles close upward, the dots are located below the candle. When the candles begin to close down, the switching points are above the candle. Compared to some other indicators, Parabolic SAR is equally effective for entry and exit signals, but many traders use it primarily as an exit signal.

Parabolic SAR has one rule - buy when there are three dots below the candles and sell when there are three dots above the candles.

The image below will show you exactly how Parabolic SAR works:

This is the H4 chart of the USD/CAD pair. Period from December 30, 2015 to February 2, 2016. The black dots represent the Parabolic SAR indicator.

Conclusion

Trading with indicators is one of the most popular ways to work in the foreign exchange market.
Indicators should be used in context with current market conditions in order to minimize false signals.

Technical analysis using indicators is implemented in order to establish more accurate entry and exit points on charts.

There are two types of indicators:

• Leading indicators
• Lagging Indicators

The most popular leading indicators:

• Stochastic
• Relative Strength Index (RSI)

The most popular lagging indicators:

• Average Directional Index (ADX)
• Bollinger Bands
• Moving Average Convergence/Divergence (MACD)
• Parabolic SAR (Stop and Reverse)

If you visit any forum dedicated to trading for a while, you will notice how fierce disputes periodically flare up between traders regarding the effectiveness of indicator analysis. To be honest, I don’t see any particular reasons for such “showdowns”, since I myself use some algorithms in my work, and even created a kind of rating of the best indicators.

I would like to immediately note that everything written below is my subjective opinion, so some readers may not like it. And I even know who definitely won’t like this rating - seekers of the “grail” in Forex, i.e. some system that produces 90-100% profitable signals. But realists may well benefit from today's review.

You can download the archive with all the indicators discussed in this review here:

Leaders in the ranking of the best Forex indicators

So, in first place in the ranking of the best Forex indicators is my favorite (CD). In general, this algorithm is only formally called an indicator, since it does not process prices through special formulas and simply displays local up and down extremes for the last N candles on the chart.

Using CD, it is convenient to analyze trends and work on a breakout of the last high/low. The trading tactics for this instrument were described in detail and reasoned by Curtis Face in his book “The Way of the Turtles,” so I recommend reading it.

In second place in the ranking of the best indicators, I decided to place a tool called ChartBuilder. It is designed to generate synthetic assets and spreads, which is so lacking in the MetaTrader4 terminal.

Why this is necessary - if a trader is trading the USDJPY pair (just as an option), he can filter the signals using a JPY portfolio that shows the overall trend in the Japanese yen. To do this, you will need to specify the desired formula in the settings, for example, USDJPY+EURJPY+GBPJPY+AUDJPY+NZDJPY.

In the example presented above, it immediately becomes clear that the USDJPY pair is overbought relative to the entire yen portfolio, so signals to buy the dollar against JPY must be carefully filtered and confirmed.

Let me remind you that the popular standard analogue “Stochastic” generates signals at the moment when its main line crosses the signal line. This amendment is used to neutralize market noise, but it also leads to a significant delay in entry points.

In the case of RSX, the oscillator values ​​change smoothly, while the quality of its signals (when trades are opened along a break in the line) remains quite high. In addition, this indicator is excellent as an overbought/oversold identifier.

Outside the top three indicators

Fourth place in the ranking of the best indicators is occupied by another oscillator - TRIX Trend Cycle. Like the RSX, it can perform two tasks - recognize overbought/oversold conditions and determine the direction of the trend. The specific tactics must be chosen by the trader himself, adjusted to his needs.

In particular, overbought and oversold by the “trix” is determined by a standard technique - to do this, it is enough to set indicator boundaries corresponding to extreme market conditions, after reaching which the price usually changes direction to the opposite.

As for trends, they are determined simply by the color of the oscillator - red indicates the formation of a downward trend, and green indicates the predominance of bullish sentiment. Here I would like to note that this technique is rather secondary, i.e. TRIX Trend Cycle is still better used for trading on pullbacks.

The second half of the ranking of technical indicators on Forex

Sixth place or literally “index of variation”. I started using it relatively recently, but have already appreciated the strengths of this formula.

iVAR solves an important problem - it divides the market into trend and flat areas, in particular, if its value exceeds 0.5, we can talk about the formation of a flat pattern. If the variation index is below 0.5, it is advisable to use strategies aimed at developing trends.

Even without going beyond the scope of today’s review, you can come up with several strategies on the fly using iVAR. Here is the simplest example - if the index is above 0.5, we open positions according to the TRIX Trend Cycle from the overbought/oversold boundaries.

In second place from the end on my list is Murrey-levels-system. This indicator builds strong mathematical levels, the formulas of which were proposed by Thomas Murray. They can be a good alternative to fibo grids and pivots.

Unlike all of the above tools, to which I have no complaints at all, here I want to note two important nuances.

Firstly, you should not pay attention to the profit that the indicator calculates in the information board, since it is displayed incorrectly (overstated).

And, secondly, you need to work only those entry points that coincide with the direction of the global trend. For example, if the Donchian channel indicates the formation of an upward trend, it is advisable to use up-signals generated by PZ_DayTrading.

To summarize, I would like to note once again that today’s ranking of the best indicators is my personal opinion. I admit that there are more effective formulas/ideas on the Internet, especially in the English-speaking segment, which a lifetime would not be enough to study.

Timely execution of a transaction on the Forex market is one of the most important conditions for making a profit from trading financial instruments. Only a purchase or sale of an asset based on reasonable factors can both maximize potential profits and minimize possible losses. Exactly like this indicators showing exact entries, and this article is dedicated to.

You should know that the technical analysis tools described should be used exclusively as part of a trading strategy, and not alone. The minimum set of additional trading tools should confirm true signals and filter out false ones, and also allow you to calculate Stop Loss and Take Profit levels. However, this requirement is only valid for forex trading - to trade binary options, only an indicator of an accurate entry into the market may be sufficient.

What are the best indicators for entering the Forex market?

Among the many technical analysis tools that indicate the most favorable moments for opening positions, the most convenient to use are those that indicate such moments either by changing the color of the displayed graphic elements, or by special icons (usually arrows or circles). The convenience of these indicators lies in the trader’s very quick understanding of which direction the trade should be taken. This is especially valuable for scalpers, whose trading profitability largely depends on the timeliness of entering the market, and for novice traders who experience understandable difficulties with analysis.

It is also important to use a non-redrawing indicator for MT4 that gives accurate entry points. The “redrawing” property manifests itself in the fact that a trading signal can either disappear or appear on a candle that is not the current one. That is, a signal candle (the one on which a trading signal is displayed) can become a non-signal candle (without a trading signal) several candles after closing, or a non-signal candle becomes a signal candle several candles after closing. This property not only leads to unpredictable losses, but also makes it impossible to identify errors (and without analyzing failures and successes it is impossible to become a successful trader). In addition, redrawing indicators cannot be objectively verified against history.

And now there will be a short overview of non-redrawing indicators that provide accurate entry points on MT4.

Buy Sell Magic (download )

• upward green, indicating a buy;
• downward red ones, indicating sell.

Best broker

The Buy Sell Magic indicator, which shows precise entries, is based on two other technical analysis tools – Parabolic SAR and Bollinger Bands. Trading signals (arrows) are generated when the price crosses the boundaries of Bollinger Bands. And the Parabolic, displayed in the form of dots, indicates the level of setting the Stop Loss of the transaction.

QQE New Histo Alerts (download )

It is histogram and is drawn in the basement window. Its algorithm is based on a formula for calculating an oscillator, which allows you to determine the states of oversold (meaning the price has reached a local minimum and should turn upward) and overbought (meaning the price has reached a local maximum and should turn down) in the market. The convenience of this non-redrawing indicator for MT4, which provides precise entry points, is that its trading signals are manifested in a change in the color of the histogram (Fig. 2):

• from yellow to green - it means you need to sell;
• from yellow to red - it means you need to buy.

Other advantages of QQE New Histo include the ability to display the results of analysis of timeframes other than the current one, and the presence of a sound alert when a trading signal is generated (the color of the histogram changes).

TriggerLines (download )

Its basis is the moving average - one of the universal trend identification tools. The calculated moving average is displayed on the chart twice – with a horizontal shift. Trading signals are the intersections of these two moving averages, which are automatically determined within the algorithm of this precise market entry indicator. When such an intersection is detected, the color of the drawn curves changes (Fig. 3):

• from red to blue - you need to buy;
• from blue to red - you need to sell.

MACD BB (download )

It is a modification of the classic MACD, which calculates the convergence-divergence of moving averages. His algorithm additionally calculates Bollinger Bands based on the results of the calculated MACD. This non-redrawing indicator, which provides precise entry points into MT4, is displayed in the basement window in the form of a dotted curve (MACD) and two solid curves (Bollinger Bands).

Trading signals are changes in the color of the dots (Fig. 4):

• to pink - you need to sell;
• If it's green, you have to buy it.

And Bollinger Bands indicate the current volatility of the market - the greater the distance between their boundaries, the greater the amplitude of price fluctuations.

Conclusion

4 accurate market entry indicators have been described, operating and displayed in different ways. Therefore, trading strategies with a wide variety of technical tools can be built on their basis.

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In this section you can download Forex indicators for free. Despite the fact that there are Forex strategies without indicators, indicator strategies are a simpler and more accessible means of analyzing the market (especially for novice traders). In addition, for example, Forex trend indicators can be an excellent addition to strategies built on the basis of price action patterns. The description of Forex indicators is made as brief as possible so that a trader can quickly decide on the need to use each specific indicator in his trading. To use any special indicators or limit yourself to classic ones, such as, for example, the RSI Forex indicator, is a personal matter for each trader. Remember: any indicator must be carefully selected for each specific trading system or strategy. Many people mistakenly believe that there are profitable Forex indicators and non-profitable ones, but this is not true. Any, even the simplest indicator, such as the Forex channel indicator, allows you to build a profitable trading system. On the contrary, even the most expensive and sophisticated one will produce nothing but losses if it is used incorrectly. Please keep this in mind when choosing a Forex MT4 indicator to use in your trading system.

It is important to understand that there are now a huge number of Forex indicators, including standard, modified, and proprietary ones.

How to choose Forex indicator among a wide range?

1. Remember, there are many indicators, but you don’t need to use them all at once, choose only a few;
2. As a Forex market trader, do not waste your money on paid indicators. Use those that are in the arsenal of your trading terminal by default;
3. When choosing indicators, be guided by the fact that these indicators provide various information about the state of the foreign exchange market. Do not use the same type of Forex indicators.
4. It should be noted that, in accordance with their functional properties, indicators can be divided into two groups: trend indicators and oscillators.
   1. Trend indicators help highlight price movements in one direction and determine when trends reverse simultaneously or with a delay.
   2. Oscillators allow you to determine turning points ahead of time or synchronously. For example, Forex volatility indicators like RVI, CCI, RSI and others.
5. Check the identity of the indicators. We can safely say that using the Stochastic Oscillator, Momentum and RSI indicators simultaneously you will probably get almost identical data, but using another set of MACD, Volume and RSI will provide a comprehensive analysis of the market state, since these indicators provide data from different points of view.

It is important to understand that choosing an indicator is only half the battle; you still need to configure it correctly. You select the technical indicator settings yourself, taking into account the trading pair, timeframe, etc.

For optimal settings of the Forex indicator, you should:

• understand what the indicator should show (trend strength, direction, support/resistance levels, divergence);
• select the timeframe on which the indicator will be used;
• look at the history of the indicator, understand the patterns of operation;
• understand what signals the indicator gives, they can be lagging or leading;
• select indicator parameters based on optimal signal quality;
• Be sure to test the indicator on a demo account or a micro account.

By choosing your indicator and setting it up correctly, you will greatly simplify your trading on the Forex currency market. This greatly simplifies the analysis of market movements and forecasting future price movements, allowing for more accurate market entries. And this leads to maximum profit. In this section we will continue to collect the best new Forex indicators of 2017.

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DESCRIPTION OF INDIACTORS USED IN THE TEXT

• FDM Entry Arrows with Alerts – an indicator that shows on the quote chart the best levels for opening trading positions
• EMA Cross (SES) – an indicator displaying the intersection of two moving averages, the parameters of which the user can set independently
• WPRSI Signal is an indicator that displays the moments of breakdown on the asset chart at the price of dynamic support levels determined by the WPRS indicator.
• T3MA-ALARM – an arrow indicator that displays on the asset chart the moment the price crosses the moving average

Trend indicators and oscillators

• Forex Eye is an indicator whose logic is based on the work of several modified ZigZag indicators, thanks to which you can quite accurately determine the levels of quote reversals.
• Heiken Ashi is an indicator that works using a special algorithm for analyzing Japanese candlesticks, helping to obtain more accurate data on trend changes in the movement of quotes.
• RSIOMA_vol. 3 – an indicator built on combining the logic of the RSI and MA indicators, well displays medium-term and short-term trends.

Cluster indicators

• CCFp is a cluster indicator that evaluates the strength of each currency from the list of available on the MT4 platform relative to other terminal currencies, which allows you to more accurately analyze the direction of asset quotes.
• CFP is a pulse version of the CCFp cluster indicator, which displays short-term trends in asset price changes.

Information indicators

• CandleTime is an information indicator showing the time remaining until the current quote candle closes.
• URDALA NEWS is an information indicator in the form of vertical lines on a chart that displays the release time of macroeconomic news and their name.
• ORDERINFO is an indicator showing the size of funds involved in trading, balance, equity and margin.