I have been looking around for some good MetaTrader indicators that will help me time my trades a bit better. When trading FOREX it is important to be familiar with world time zones and news announcements. As FOREX is a global market it is not enough to know about what is happening in your time zone. Most of these indicators are available from the FOREX factory and are freeware.
Display Info MT4 Indicator
This is an excellent indicator that can be configured and modified as desired. Hanover has done an excellent job as he does with all his indicators he has released. This indicator will display the following info, for all currency pairs offered by your broker:
- Symbol (A=AUD, C=CAD, E=EUR, F=CHF, G=GBP, J=JPY, N=NZD, U=USD)
- Current bid price
- Daily range to date:ave daily range (DR as a % of ADR) (note: Sunday candles not included in ADR)
- Spread (spread as a % of ADR)
- Dollars per pip (per full lot traded)
- Swap paid(+) or charged(-) by broker on long and short positions
The screenshot below shows the Display Info indicator in action.
Plot News MT4 Indicator
The Plot News Indicator is one of the most useful indicators I have come across. This indicator can be configured to alert you of up coming news events, it also allows you to see the market impact of every news announcement. Once again this indicator is written by hanover. The screenshot below shows the Plot News indicator in action.
Auto-Session v1.5 MT4 Indicator
This indicator graphically displays the overlap between different trading sessions. The indicator also displays the pip range from the given session. The screenshot below shows the Auto-Session v1.5 indicator in action.
The TimeZone indicator displays time zones of the different currencies in a separate window. The screenshot below shows the Auto-Session v1.5 indicator in action.
p4Clock MT4 Indicator
The p4clock indicator has been around for quite sometime and displays different time zones in your preferred corners. It also displays your brokers time and how long is left in the current bar. The screenshot below shows the p4Clock indicator in action.
Forex Market Hours MT4 Indicator
Forex Market Hours Indicator graphically displays the market overlap and the time in GMT that markets open. The screenshot below shows the Forex Market Hours indicator in action.