Custom Indicators

Working on the MetaTrader4 platform, users have a broad range of technical indicators installed by default. The same developers created These tools as the trading platform. The stability and efficiency of such instruments were tested by traders from all around the world for a long time.

However, some of the Forex market participants prefer to use the additional tools. Depending on the trading strategy used, some traders may feel the need for specific indicators. For example, it can be a combination of several indicators or a whole new method of the technical analysis. The MetaTrader4 developers allow users to install the custom tools. Thus, a trader can create his indicators and integrate them into the trading process easily.

During the existence of the platform, a lot of the custom programs were created. All of them are designed for different trading systems, providing a different level of accuracy and reliability. In this case, it all depends on the particular developer.

Features of Custom Indicators

The main difficulty of creating a new technical tool is that the developer must be a competent trader and a qualified programmer as well. For such a reason, the most useful programs appear quite rarely.

We can draw your attention to some advantages of such tools:

• Relevance at the time of creation, frequent updates;
• Simplicity in use since the developer’s goal is to optimize his work;
• Applying the experience of an active market participant;
• The integration of the other, reliable indicators that have already proved their effectiveness.

The Best Custom Indicators

Pulse Indicator

Apparently, when a price moves fast in one direction, then it turns in the opposite direction. A sharp and frequent change in the movement direction is called an impulse. This phenomenon gives the trader an opportunity to make a successful transaction, and it requires:

1. Identification of the impulsive dynamics;
2. Identification of the start and end of the impulse (price reversal);
3. Losses limitation and identification of the successful exit points.

All these tasks are performed by such a tool. It’s perfect for those who prefer scalping. It demonstrates the best results within the intraday trading on American and European markets.

Price Levels

This group of indicators features tools that draw price levels on the chart (Daily Range, X-Lines, etc.). In fact, these are the levels of support and resistance for conducting the most profitable trades.

Most indicators of this type are not built-in and need to be installed. The trader can choose the best ones, trading on certain time frames.

Trend/Flat

Some market participants prefer to trade only within a strong trend, while the others prefer to trade within the flat. This indicator will be useful for both groups of traders revealing the presence of the trend and identifying the flat. The possibility of short-term forecasting is also realized.

Thus, a trader can enter the market only at the right time avoiding steady trends if he prefers a calm market and vice versa.

Summary

A variety of custom tools for the Forex will help any user to find the necessary addition to his trading tactics. However, don’t forget that the reliability of such developments depends on the creator’s qualification. Therefore, we recommend testing any tool on the demo account before starting the real trade.