In the Forex market, there are many types of Forex indicators that you Might need in your Trading journey. You might be confused about what to choose because there are too many; at Eafxstore, we will help you find the Right indicator for your Strategy and Trading Style.
Forex Indicators Types
There are 4 popular types of indicators in the Forex market, which are
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Trend
The trend Indicators Help you identify the strength of the General Trend/subtrend. They might expect a future breakout of the trend and give you signals about it.
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Oscillators
The oscillator indicators identify the overbought and oversold in the market, and you can find the SMT/Divergence signals in this type of indicator.
One of the most popular indicators in Oscillators in Eafxstore is (GT Scalper Indicator)
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Volumes
The volume indicators Define the volume and the Strength of the Buyers and Sell (a little bit similar to Oscillators)
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Cycle
The cycle indicators identify the repeating patterns in the Chart. Based on that, the indicator may indicate the Next movement.
>>>Understanding the 5 Roles of Expert Advisors to Success in Forex
Discover Top Forex Indicators at Eafxstore
Our team has already tested many Forex indicators (Check out the Top indicators), and you can check each one’s results.
1 – Gann Swing Structure
The indicator Type is “cycle,” which draws Gann levels on the chart, representing support and resistance levels. You can Buy and Sell from these levels, and it works well with the Scalper and Day traders on 1Min (more suitable for scalpers)
Find out more about the indicator Here
- Vendor website: https://www.mql5.com/en/market/product/114555
Gann Swing Structure Indicator Reviews
2 – TrendMaestro Indicator
This indicator is a Trend Type and helps you to identify the market’s trend, whether strong or weak, and helps you find the breakout and the new trend while it is forming; it Works in Higher time frames from 1 hour to Day (Day & Swing traders)
Find out more about the indicator Here
- Vendor website: https://www.mql5.com/en/market/product/108106
trendmaestro mt4 review
3 – Max Paynex Indicator
Also, it’s a Trend indicator; it identifies the Trend Strength and is similar to TrendMaestro, but it gives you accurate signals By Arrows in a specific area to know where to buy and where to sell
Find out more about the indicator Here
- Vendor website: https://www.mql5.com/en/market/product/118506
max Paynex Indicator mt4 review
How to Choose the Right Forex Indicators for your strategy
First, you must determine if you are a Swing Trader, Scalping, or Day trader because every indicator works well with the right trading style. For example, if you want to open and close a trade on the same day, you will need an indicator that works well in the lower time frames, like 1 minute to 1 hour.
For example”Gann Swing Structure indicator ” works only with Scalping Trader / Day trading. If you trading in the long-term “Swing trader,” you can’t find any opportunity to enter any trade because its signals only work on Lower timeframes. If the indicator gives you a signal to enter a trade in a higher time frame, this signal is probably not accurate enough, but if you backtest the indicator in a higher time frame and like it in a higher time frame, why not? Use it the way that suits you.
How do Forex indicators Enhance my Trading Strategy?
Let’s say your Strategy is based on Technical analysis. That means you want to Draw a Trend line and find the patterns in the chart; according to that, you will use similar indicators to help you make that happen. For example, the Gann Swing Structure OR TrendMaestro Indicator.
You can get a better image of what is going on in the market If you use these 2 indicators to understand better the General / Sub Trend besides your analysis, of course, because your analysis is more important than the Indicator’s signals, and the Forex indicators may give you false signals sometimes, They are not 100% profitable; otherwise, all traders will be rich, right?
