In order to make money in Forex, it is necessary to conduct various analyzes such as of the news, economic indicators, charts, etc. You will not win if you rely on intuition. Even if you keep winning big profits, there is a risk of suffering a huge loss if you do not know when the flow of the market will change.
Analysis is necessary to keep raising profit in Forex, but various technical indexes are useful to know the flow (trend) of the market. Have you heard the terms such as Bollinger band, RSI, moving average line, etc? These are types of technical indicators, intermediate and advanced traders always make use of them.
Analysis of technical indicators is important to know the trend in Forex.
MT4 can also display technical indicators.
Each type of technical indicators can be used with various trade tools, but if you are using MT4, you can easily display it. MT4 provides a number of technical indicators, and has the ability to switch the display as needed.
For those who do discretionary trade at MT 4, as well as those who do automatic trading at EA, it is better to remember how to use technical indicators.
Steps to display Technical Indicators
To display the technical indicators in the PC version of MT4, first click the "Display" menu at the top of the screen. When the menu list is displayed, click "Navigator".
A terminal window will appear on the left side of the MT4 screen, so open the "ruled line analysis tool" from the list. Then, various items are displayed, but this is a list of technical indicators that can be used in MT4.
Various indicators can be displayed from the list with a click, and you can start analyzing the trend at once. However, all the technical indicators of MT 4 are written in English, so you have to start by understanding which indicators are indicated.
Examples of frequently used indicators are "Moving Average", "Bollinger Bands", "Relative Strength Index (RSI)", and so on, that are technical indicators used by many people. There are various other technical indicators, but first of all it is good to memorize how to use them.
Indicators can be easily added / deleted
MT4 technical indicators can be added and deleted with just one click. For example, if you click Moving Average, a moving average line appears in the chart, and clicking the Relative Strength Index adds the RSI number and multiple lines.
Whether which technical index to use varies for each person, but as you remember how to use it, check what it means. For example, the moving average line represents a trend line that averaged the traded rates, and RSI quantifies how much yen depreciation and yen appreciation has been declining for a certain period (usually 14 days).
However, graphs and figures vary depending on the type of candle in the chart (5 minutes, 60 minutes, daily chart, etc.). It is good to use them according to the trade style and the period you want to analyze.
Analyze the technical to grasp the flow
Various technical indicators can be displayed on MT 4, but it is important to use these depending on the situation. Not only when you want to know the current trend, but it will also be useful for analyzing past data and selecting EA.
You might be confused at the beginning if you don’t understand how to look at the index. However, in order to grasp the flow of the market and steadily build up profit, confirmation and analysis of various indices are indispensable.
MT4 is capable of displaying and switching indexes with just one click, superior visibility is also an attraction. You may want to study indexes while looking at the charts.