So many of you have asked me what I use for my indicators and I decided to share some of them with you for free. One word of warning, no indicator will ever guarantee any kind of return as they are only there to process historical data and the majority of these indicators are lagging in one way or another. There is no substitute for solid fundamental analysis and using your experience to decide on trades.
There is one mantra I believe in which is “avoid paralysis by analysis”. Using too many indicators can cause confusion and bad decisions and less is definitely more.[warning]Please be aware that these downloads are not .exe files or installation files, they are simply MetaTrader files which you will need to manually copy and paste. Basic instructions included in the download (.zip file). [/warning]
MetaTrader Theme Templates
When you first get started with MetaTrader you will likely have a pretty ugly looking chart with gridlines and lots of yellow on the lines, you won’t see candle sticks, generally it just looks a bit rubbish. So I have put a couple of simple templates here for you to download, should you choose to.
For volume profile analysis you generally need to buy a premium bit of kit and it can be quite expensive. There are a few out there for MetaTrader, but the closest I have found to a free useful indicator is what I have packaged together here. There are two indicators with particular settings. When you download it you will have simple instructions and screenshots of the setting I use that you can copy.
The screenshot below shows the indicators together, if you look carefully you will spot a trend arrow. This is not included in the Volume Profile download. You will need to download that one separately (below).
This indicator is brilliant!
It combines two moving averages (you choose the speed) with an RSI (you choose the periods, but not the overbought or oversold levels).
The arrow simple alert you of the trend and alerts you if the trend is changing. It’s a good tool for trading.
A Bundle of Indicators
Just as the title suggests, I have included a whole bunch of different indicators for you to try out. This stuff could take you weeks to go through and find what you like, there are literally hundreds of files here so good luck with them.
Try not to use tooo many at the same time because they can chew up resources on your computer real quick, especially if you are running multiple charts.
I found loads of good indicators in this list and now I am passing it on to you, for free.
What a nice guy I am!