Now that you know the purpose of each technical indicator and how to use them, it’s time to learn how to add these indicators to your trading platform.
Luckily, most trading platforms have a very similar charting system, which means that if you know how to add indicators on one electronic trading platform, then you’ll be able to do the same on almost every other trading platform.
So, in this lesson, we will show you how to add the most useful technical analysis indicators to one of the most popular trading platforms in the world among retail investor accounts – the MetaTrader4 and 5.
Even though MT4 is best known for trading foreign exchange currency pairs and getting access to the forex market, it is also an excellent platform for those who want to get stock exchange trading via CFDs.Regardless, if you know how to set up technical indicators in MT4 for stocks, you can literally do it on any other trading platform. Well, let’s start!
As we explained in the previous lessons, trend lines are an excellent way to identify price trends in the market and find entry and exit levels. Follow the steps below to draw your trend lines in your MetaTrader 4 (MT4) platform.
Like trend lines, trend channels are an effective tool for analyzing the stock market and finding trading opportunities when trading CFDs. The process of adding trend channels to MetaTrader 4 is pretty simple, and all you have to do is to follow the steps below:
Fibonacci retracement levels are the most common and popular technical analysis tool to identify support and resistance levels and find successful trades. Ironically, many beginner traders think that using Fibonacci retracements is somewhat complicated; however, once you learn how to add them to your trading chart, you will see that it’s pretty straightforward.
Here’s how to do it:
Finally, moving averages. This is one of the most commonly used and effective technical indicators, especially for those who are involved in automated trading and algorithmic trading.
To add moving averages to your MT4 trading platform, here’s what you need to do:
Let’s say you don’t want to use a specific indicator anymore or simply don’t want it visible on your chart. Here’s how to do it.
In summary, adding custom Indicators to a trading platform is not rocket science. After you have done it the first time, you’ll be equipped with the ability to add these trading tools whenever you want in a matter of seconds. It’s all about practice and knowing the technicals (bear in mind that the process works the same on mobile trading accounts).
Remember, technical indicators are the most effective and necessary tools for analysis and chart patterns. If you know how to use them, you can certainly become a better trader and gain an edge when trading stocks.
At the same time, the real problem is not adding the indicators. You can bookmark this post on your browser and visit it whenever you need. The challenge is to figure out how to correctly use each indicator so you can find price changes and identify trends in financial markets.
Whether you plan to focus on forex trading or stock trading, knowing how to use technical indicators is the most effective way to get reliable trading signals. Our advice – open a MetaTrader 4 (MT4) demo trading account and add all the indicators to a trading chart.
Mimic how professionals trade. Discover your inner talent. Learn everything you need to know about trading the markets from beginner level to the most advanced, helping you to create critical skills and techniques to you can apply in your trading right away.
Mimic how professionals trade. Discover your inner talent.
Learn everything you need to know about trading the markets from beginner level to the most advanced, helping you to create critical skills and techniques to you can apply in your trading right away.
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