The MetaTrader 4 trading platform also known as MT4 is popular in the forex markets. The platform is free and has a built-in language for programming trading strategies.
Functions includes:
Mac Book user for MetaTrader 4 are getting more popular in the world. Installation for Mac Book user is not as easy as window user. It require some extra step to get it installed.
Here’s some free Metatrader (MT4) forex indicators that we like and we are using for our forex trading.
Download indicators first. Read this instruction on how to insert indicators into your MT4 platform.
You can also download template that we uploaded to have the same look/feel as ours.
MACD is known as Moving Average Convergence Divergence. It is a simplest trend-following momentum indicator that shows relationship between two moving averages of prices. MACD is calculated by subtracting the 26 day exponential moving average (EMA) from the 12 day EMA. Therefore a 9 day EMA of the MACD line is plotted with the indicator to act as a signal line and identify turns.
We use default setting for MACD in our scalping trades.
Fast MACD = 12
Slow MACD = 26
Signal = 9
Scalping in forex market is a popular method by quick opening and liquidation of position. It is commonly used in daytrading. Our definition of scalping is to have a 10-20 pips risk for 30-50 pips gain. It is also use as a mean for early entry into a typical swing trade in Tflow®.
Commonly tools combine for scalping:
We develop a forex calculator that calculates position size and we are giving this metatrader (MT4) indicator for free.
Position Sizing Calculator for better Forex risk management. It automatically compute the appropriate lot size for your specific risk appetite and account margin.
More information on how to install and configure the Forex Position Size Calculator.
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