MT Terminal Indicators - Overview by Indicatorspot

Hello everyone!

Our team, supposably like each of you, loves trading. And we love successful trading even more =) And such successful trading is mostly possible thanks to the indicators for the Metatrader terminal.

But here’s the thing! Unfortunately, not all indicators are truly efficient and useful for a trader. Therefore, we’ll try to find the best of them (in our opinion, of course) and will share our findings with you!

Disclaimer: we are not the developers of MT products. We only review the indicators created earlier and provide a subjective assessment. Our opinion may not coincide with yours at all. And that's okay.

So the choice is yours.

We wish you success in your trading journey!

Keltner Channel Indicator

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A technical indicator consisting of two bands above and below the moving average of the price indicator, the width of which is determined as a fraction of the average price change for the period. The author of this method is Chester W. Keltner (1909-1998), who published it in his book “How To Make Money in Commodities” in 1960.

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The Keltner channel is best for beginner forex traders who are having a hard time recognizing market trends.
The Keltner channel also makes up an important part of the trading indicators of many trend and trend reversal traders. This is because the indicator provides powerful signals for both trend and trend reversal traders.

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Average True Range Value Indicator


Average true range (ATR) is a technical analysis volatility indicator originally developed by J. Welles Wilder, Jr. for commodities. The indicator does not provide an indication of price trend, simply the degree of price volatility.

The ATR is best for forex traders of all experience levels since it doesn’t tell trends. Also, the indicator can fit into the trading systems of anyone, irrespective of their trading style.
As we can see, the indicator is no worse than the standard, but even better. Because it saves space for the workspace for objective analysis of the price chart.

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Lucky Reversal Indicator

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Lucky reversal MT4 indicator displays buy sell aroow signals in the main chart. It can be used with any forex trading systems / strategies for additional confirmation of trading entries or exits.

The Lucky reversal indicator is best for intermediate and professional forex traders.
Beginner forex traders who understand what lagging forex indicators are and know how to trade them may use the indicator as well, but with caution. To get the best out of this indicator, they may first need to know how to identify forex trend reversals.
Also, the trend reversal indicator is best for trend and trend reversal traders.

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Currency Strength Meter Indicator

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Currency strength expresses the value of currency. For economists, it is often calculated as purchasing power, while for financial traders, it can be described as an indicator, reflecting many factors related to the currency; for example, fundamental data, overall economic performance or interest rates.

At first sight, it may seem to you that the simultaneous use of four charts at once is too complicated.
You can eliminate this minor disadvantage in two ways: choose fewer charts to be constructed or change their visualization (thickness and style of lines).
After all, when you customize and check out the indicator, you’ll more likely get used to it soon and be able to easily see the practical benefits of using it in your trading system.

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Fibonacci Retracement Indicator

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Fibonacci retracement is a method of technical analysis for determining support and resistance levels. They are named after their use of the Fibonacci sequence. Fibonacci retracement is based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction.

The major advantage of the indicator’s levels is their usefulness. Regardless of the time interval you trade on and the method you use (scalping, intraday trading or long-term trading), the indicator will be useful in spotting good pivots after pullbacks.

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MACD 2 Line Indicator

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We offer you to learn about the free custom indicator MACD2Line, which is an updated and improved version of the standard MetaTrader 4 MACD oscillator. The MACD 2 Line indicator draws moving averages (Exponential Moving Average, EMA) and volume histogram in a separate window of the chart.

No matter which trading approach you’re using – swing, intraday or long-term trading – the indicator can be a nifty complement to your trading system.

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MTF ZigZag Indicator

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The indicator analyzes the activity of Forex market participants and marks the most significant price zones. They can act as a full-fledged technical analysis tool (support and resistance levels, trendlines, etc.)

You probably know that the asset value is determined based on a large number of factors in the Forex market.
One of them is the behavior of market participants. Unfortunately, it’s quite a hard work understanding the motives of bulls and bears.
The free Mtf ZigZag indicator technical analysis indicator can help you to tackle this problem.

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Price Action Scaner Indicator

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The PriceActionScaner – logical and simple indicator for an expert advisor (EA), that can show trend reversals and their continuation.
By default, MT4 doesn’t unfortunately have indicators that can analyze charts using the Price Action method by default.

Free Price Action Scaner indicator will help you tackle this problem.

The indicator draws formations on all timeframes that makes it more one-size-fits-all. So, no matter which approach you practice in trading (swing trading, scalping, intraday trading or long-term trading), the chart will always display trading situations with promise of profits.

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Shved Supply & Demand Indicator

The indicator automatically plots supply and demand zones on the chart. Trading activity of Forex market participants is higher next to these levels. This allows you to identify potentially profitable points for trading.

You most likely know that the ever-changing ratio of buyers and sellers is behind all the price movements in the Forex market.
By default, the MT4 terminal doesn’t have the indicator that can highlight the zones where key changes in this ratio take place.This is why we suggest you to check out this free Shved Supply & Demand indicator developed for spotting and automatic drawing levels of that sort.

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Forex Reversal Indicator

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The indicator is in the TOP 10 which show trend reversals and is suitable for intraday trading.

Of the countless trend reversal indicators all around the MT4 community, some of them are nothing to write home about, while some others are decent. The Forex Reversal Indicator falls in the category of the decent.
Its indicator is one of the most reliable reversal indicators. It appears on your charts in the form of yellow dots coated in red and blue rings. The yellow dot in red rings appears at market tops to signify a reversal to downtrends. Blue rings around yellow dots suggest a reversal to the uptrend.

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Channel ZZ Indicator

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The Channel_ZZ Indicator – logical and simple indicator for an expert advisor (EA), that can show trend reversals and their continuation.

Successful traders try to identify a trend as early as possible and ride till the end. Channel ZZ Indicator for MT4 is a perfect combination of channel and ZigZag trading technique. The combination enables the trader to identify a trend and ride it while remarkably reducing the market noise and identifying the best entry and exit points. It also assists the trader to manage the stops and ride the trend till the end.

The indicator draws a channel based on the price movements and a zigzag based on the channel. Many forex technical trading systems use the values of zigzag to plot others. However, this metatrader indicator draws zigzag based on another one, the channel. The combination of channel and zigzag indicator provides the MT4 trader only with strong support and resistance levels.

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Currency Power Meter Indicator

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Assess the individual strengths of currencies before you trade them with the Currency Power Meter indicator. Learn how to use the currency strength indicator in your trading and how not to use it.

The currency power meter indicator is best for both beginner and expert forex traders because it has a simple interface and it is easy to use. Also, day traders and swing traders would find the indicator useful.

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BB MACD Indicator
It indicates the relationship between two moving averages of the market price. The indicator visualizes market momentum. The MACD evolves up and down around a signal line. In the BB MACD indicator the Bollinger bands indicate the strength of the trend and the MACD indicates the direction of the trend.

Successful traders make trading decisions with confluence of indicators. BB MACD indicator for MT4 combines two indicators.

First indicator is Moving Average Convergence and Divergence. The second one is Bollinger Bands indicators. As a result, it provides best possible entry and exit points.
Both MACD and Bollinger bands are very reliable. Hence, enhances ability to understand the underlying trend strength. And estimate the price ranges, to adjust the trading strategy suitably.

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4 Time Frame VQ Zeroline Nmc Indicator

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One of the leading indicators is an activity meter with historical data display. 4 Time frame VQ Zeroline Nmc Indicator similar to the types of indicator using bollinger bands, but not inferior in quality.

Are you a forex trader looking to include volatility quality in your trading strategy? If so, this Metatrader indicator will best serve your requirements. The 4 Time frame VQ Zeroline Nmc Indicator changes colors depending on whether the currency pair’s volatility quality is above or below the zeroline.

The trend is bullish if the market volatility quality is above zeroline. Below the zeroline, the direction is bearish. The volatility quality indicator turns greens on a bullish signal. On the other hand, the indicator turns red on a bearish signal.

The 4 time frame VQ zero line nmc metatrader indicator is one of the best MT4 volatility indicators. It helps the forex trader to identify both the volatility and trend.

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A-Gimat Reversal Indicator

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Among the large volume of indicators on the Internet, this super tool shows pivot points and reversal zones on the chart.
The A-Gimat Reversal Indicator for MT4 provides the best forex trend trading signals with arrows. The indicator works based on zigzag reversal patterns. Hence offers the best entry and exit for swing trading.

The A-Gimat reversal indicator is a brilliant forex trend reversal indicator for MT4. It provides forex traders with accurate arrows based trend trading signals. The indicator produces the best results in higher time frame charts. Therefore it is best suited for swing trading.

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TMA MACD Indicator

This trend scanner is suitable for creating an EA with which you can trade on stocks too.
Are you looking to harness the power of TMA to reduce the lag of moving averages and combine it with the powerful MACD? If so, The TMA MACD indicator for Mt4 does it best.

The TMA MACD indicator for MetaTrader successfully reduces the lag in moving averages and therefore, adds more support to Moving Average Convergence and Divergence calculations. It is thus capable of providing the forex trader with successful trading signals in higher time frames.

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Volatility Quality Zero Line Indicator

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Historically the leading indicator in the list of indicators for similar types.
The Volatility quality zero line is both a trend trading indicator and an indicator for volatility. It suggests the trend of the price with two colors, red and green. The green line suggests that the market is in an uptrend, while the red line suggests a downtrend. And as for its volatility duties, the farther the line is from the zero line is how much volatility there is in the market.

The Volatility quality zero line Indicator indicator is best for any forex trader. It is easy to use and requires no technical knowledge before you apply it to your trading.

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Supply and Demand Zones Indicator

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Fresh advanced indicator for creating an Expert Advisor (EA) for automatic multi-timeframe trading in MetaTrader 4.
Supply and demand zones are one of the most basic things a beginner forex trader learns. These zones are so important, price reacts off of them even after years since they first developed. And with the supply and demand zones indicator, a forex trader might not need to worry about drawing all these historical zones one after the other.

The supply and demand zone indicator is best for all forex traders. Beginner traders who are having trouble recognizing support and resistance levels may find it more useful than those who don’t.
Pro forex traders who draw their zones differently from how they appear on this indicator may find it less useful to them. However, the accuracy of this indicator can’t be denied, and so it could be a useful tool to anyone who uses the supply and demand in their trading.

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Pattern Recognition Master Indicator

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Super accurate intraday signals that occur at zone and pivot points, forming patterns from price bars, including the morning star pattern. And that’s all in your MT4!
There are many candlestick patterns in forex. It’s one thing to recognize them in theory and textbooks. But they don’t always look as perfect on live forex charts. If only there was an indicator that helps to identify candlestick patterns on the live charts.

There is. It is the Pattern Recognition Master indicator.

Anyone who uses forex candlestick patterns in their trading would find the pattern recognition indicator useful. The good thing about forex candlestick patterns is that anyone can trade them, irrespective of their trading style or the timeframe they choose. And by extension, any forex trader can use the forex candlestick patterns.

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