The Forex world is transcendentally gaining in popularity with every passing phase. The expansive nature of this venture, it’s over $5 trillion turnover and cardinals of participants- it is one of the hottest investment arcades world-wide. Much ado is due to the vast number of Forex indicator software options available presently. These technical tools help traders conduct adequate market analysis and on that basis enter into a prosperous trade opportunity.
Skipping endless hours in front of a computer for making proper decisions, these indicators with your trading software sure does lessen the load. Plus it also boosts up your chances to secure some successful trades.
A good pair of Forex indicator software you should know about!
It’s a pure fact that trading currencies are not easy. But still, many investors manage to win profits. One good reason for that is due to the usage such indicators on reliable trading software/platform.
The market does not always behave as rationally as one expects. There are occasions when they tend to move or behave in ways specific to particular situations.
What does that mean?
It means that there are some patterns which tend to repeat themselves time after time. Using top notch free software Forex indicator helps you identify those patterns immediately as they form. By knowing which direction they will tend to move, you will obviously get that decisive edge you want to win.
A look into a couple of good indicator software
1. Indicator ‘Scalper Dream':
As the name suggests, this indicator is good for scalpers. The trading signals both Entry and Exits are accurate. This instrument is fairly easy to use and changes color both during Buy and Sell order.
Like for example
Your currency pair is EUR/USD, and you are using this indicator on your chart. If you find that this indicator changes its color to green from red, that means that you have a potential Trade entry position. Similarly, if you are looking to sell your currency, you will have to gander when the chart changes to red from green. That itself your indication to trigger your Sell order!
This technical instrument also clearly indicates when you should exit from your trades. You can do it in 2 ways.
• When trading with EUR/USD, if you find the color of your chart changing after your Open position, then you can easily close off your trade orders
• And when you pull off a successful trade order, 5 small bars occur on your chart. This clearly suggests that it’s safe to exit your positions.
2. Eye Indicator:
Another good and free download Forex indicator software is this one. This is also a multifunctional instrument which tells you signals of market lows and highs. This is similar in type and functionality to a zig-zag indicator and follows the principle of straight lines.
Again with an example
Say your currency pair is GBP and USD and you are looking to open up a new position. To do that you will have to wait for the tool to turn blue. If this happens, then you can easily enter, rather open your Entry trade order.
On the other hand, if you are looking to sell off your trades when you will again have to be on the look-out for a red indication!
Test it out with the MT4 demo:
Both these Forex indicator software is supportive to MetaTrader 4 terminal. So, as a word of advice before caping of would be to give test them out via a demo account. Now you know, skip wasting time and get at it right away!
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.