Trader's Arsenal - From Beginner to Professional
Hello ladies and gentlemen, Forex traders!
In the difficult business of trading, every little thing is important and today we will try to optimize the routine processes. Someone will say - a trifle, but you must admit, turning a part on an antediluvian machine or on the most modern one - is there a difference? The result may be the same, but for some reason a worker is more comfortable and easier to work on modern equipment. Similarly with trade. We will consider how you can make trading more convenient, while you do not have to buy a new computer.
In today's review, we will touch on information indicators. They are used in one way or another by all traders - from scalpers M1 to long-term workers working on the day. From time to time, you need some kind of spread indicator or a convenient and practical info panel with all the necessary data, but where can I find them? Searches on the network begin, viewing topics on specialized forums, attempts to compile the MQL file in the new terminal build, which does not always work. Now you will have no questions - where to get info indicators - we have solved this issue for you.
What are info indicators and what are they
Information indicators are a separate group of technical forex indicators; they do not directly help to make a decision on the purchase, sale of an asset or exit from a transaction. They have a slightly different task. Info indicators provide the trader with all the necessary information on the trading instrument, account status (profit or loss in points, percent, deposit currency, drawdown), opening, closing of trading sessions, time to close of the current candle, spread, swap data and so on - in a word - everything - what is necessary for comfortable work in the financial markets. To process in your mind this, without exaggeration, colossal information flow of various data is inconvenient, and it is not necessary - there are a huge number of assistants. We will get to know them today.
In this review, these types of info indicators are affected:
- Time indicators;
- News indicators;
- Profit indicators;
- Lot calculation indicators;
- Spread, swap indicators;
- Candle indicators of a higher timeframe;
- Information panels;
- Other useful indicators.
“Time is money,” said Benjamin Franklin, one of the founding fathers of the United States. Time is one of the most valuable resources - it is constantly lacking, you cannot make up for it, you can only use it. In trading, time is one of the most fundamental things - since after opening a position, regardless of the working timeframe and strategy, you need to wait for the result - either the position will close by stop order, or the price will go in our direction and you will make a profit. Moreover, the wait can be from several minutes (if you are a scalper), to several months (if you are working on D1 or a higher timeframe).
Indicators showing / counting the time - a huge amount is presented: from various timbars (counting the time until the candle closes) to the session ones. The latter will be relevant for intraday traders: as a rule, most strategies are designed for some kind of trend movements, and they are not around the clock, but usually when the London and American sessions are taking place. In turn, the time of the Asian session - when market movements are minimal - is used for other trading strategies, as well as for a great number of advisers - night scalpers. Below are a few examples of such indicators.
b-clock_TRO_MODIFIED_VERSION - a simple indicator, shows the time until the candle closes.
iStockTimes_v1_5 - The whole panel, where not only time, but also spread, swap, ATR.
Time universal (Time Universal_fix) - the indicator shows the closing time of the candle that you need - it will not change the data when switching timeframes. In addition, the font, color and size are user selectable. Maud Time Universal_fix It has everything too, only it is installed in the basement of any other indicator.
i-sessions-a - One of the many session indicators. In each new version, additional functions, for example, in this - accounting for movement (in points) for each session.
Xi-AsianSession - The indicator specializes in displaying only the Asian session, when market movements are minimal - a paradise for all kinds of night scalpers. I can only say that there are a lot of such modifications; there are also indicators for both the London and the American sessions.
The most famous indicators of this type: Candle Time and Spread, Forex Market Hours GMT, i-sessions, Market hours, Xi-AsianSession.
“There is a certain time left before the news is released” - such information can be seen on the websites of many brokers. Indeed, sometimes very important news comes out that the movement of the instrument is reversed and this trend lasts for months. For those who trade within the day - to follow the news using economic calendars or special indicators - it is fundamentally important. Agree - to open five minutes before the decision on the interest rate of the Fed or the ECB with a short stop of 10 points is stupid: even if you guess the direction of the news impulse, an expanding spread will most likely close your position where there is no price.
Ffcal - undoubtedly - one of the most famous newsmen, his review is on the site. In general, over a dozen modifications of this indicator exist, and other news indicators are also written on its basis - which can be downloaded from the link at the end of the article.
NewsInfo - A very fundamental and multifunctional news indicator. In one version, it is possible to select one of four (!) Forex news providers sites. Another such trend has been observed lately: news indicators not only show news, but also have additional functionality to disable advisers, whose work the news volatility can damage.
Truly News Indicator - a feature of the indicator is that you can choose to display news in certain currencies (that is, if you trade in GBPJPY, then news on USDCNH is useless to you), as well as select the value of the news (high, medium, low) that will be displayed on the information board. In addition, news candles are marked with flags on the chart - it’s very convenient. A detailed review of the indicator is on our website.
Another nuance with setting up news indicators.
but). Typically, the trader learns about upcoming news from the economic calendar. Since everyone lives in different parts of the world and everywhere has their time - you need to determine the correct local time for the news to be released - the news then appears once. As a rule, in all calendars there is a time zone setting - both in the popular English-language calendar from ForexFactory, and in the calendar from our website.
b) Next, we need to check - is it true or not - the time of the news. It’s better to take important news (a decision on% rates, a speech by the heads of the Central Bank) - when there may be some significant movement in the market. We look at the time before the news on the calendar, we look at the time before the news on the indicator - the latter either show the time of the release, or count the time before the news, they can also mark the place of exit on the chart itself with arrows, flags, lines, inscriptions, lines with inscriptions - which whatever the trader wants is here. Everything is regulated and selected.
at). And at the time of the news release, you will see on the chart an atypically large M1 candlestick (if you looked at the minute timeframe), you will see a strong spread spread (if the account with a floating spread is the same for most traders), the more you can measure and fix with a special indicator of spread that your broker found out at Non-Farm Employment Change. And when everything coincides - the economic calendar, your news indicator and the fact that the news was released in local time - you did everything right. We remember these settings, and even better save the corresponding template. Most of the indicators correctly determine everything automatically, but you should not rely only on the indicator - it won’t hurt to check (so that you wouldn’t open by mistake five minutes before Non-Farm). If it so happened that the news came out and the market crashed, and your indicator only shows an event after an hour - you need to change some parameters in the indicator settings (some Offset Hours - it’s called differently in different indicators) and everything will be fine.
The most famous indicators of this type: Ffcal, NewsInfo, Truly News Indicator, Urdala_News.
According to the results of completed transactions, it is fundamentally important to know the statistics of trade: how many profitable transactions, how many unprofitable; profit / loss in points, percent, deposit currency and so on. Statistics in trade is everything. Of course, services like Myfxbook really help traders, but in this case you need to go to a third-party site (sometimes they also hang), wait for the data to be updated. And using statistical indicators, we will get all the information we are interested in right in the terminal - here and now, quickly.
i-profit - one of the most popular indicators of profit / loss accounting in points and percent, it is analyzed in detail on our website. Due to its popularity, there are a considerable number of its modifications (all of them can be downloaded from the link at the end of the article).
Equity - the indicator builds the line of increase / decrease of the depot directly in the basement of the chart of the instrument. There, in essence, everything is the same as in the monitoring of Myfxbook. For example, if you use trading without stops and with averaging, here, just like on Myfxbook, we will see a discrepancy between the lines of equity and balance (in the slang of the “snot” taders).
Consider another case - on one account, trading was conducted by an adviser and by hands. As a result, we have many deals and it is not clear who has what result, who is the best trader - robot or human. In this case, you need to separately count the orders opened manually and the expert orders. You can do it this way - each order has a magic number (Magic Number) - manually opened ones usually have 0 (zero), those opened by robots have a certain number, for example 2222 (you can see it in the advisor settings). In an indicator, for example ProfitInfo v1.5.2 - on the screen below -
we select the filter by its magic number (the top line of settings; a mark of -1 means that the indicator takes into account absolutely all orders) and it will only count orders that have Magic of interest to us. Or you can see / count orders by a specific comment (the second line of settings is above). Opening a position manually through the terminal tab of the "Open Order" you can write your comment, you can not do this. But advisors, as a rule, always write their comments on orders. Again - expert commentary can be viewed in the settings. In addition, all comments on orders can be seen in the account history - for this you need to right-click on any field and check the box next to the comment. Next, we enter the comment of interest to us in the indicator - and it will show the result in points and percentages only for those orders that have comments of interest to us.
The most famous indicators of this type: Equity, i-profit, Stats_Indicator, Tradehistory.
Lot calculation indicators
As you know, forex money management is half the success. Despite the fact that hundreds of books and thousands of articles have been written on this issue, many traders continue to lose deposits due to inadequate MM. Moreover, the majority fully understands that the risks of 5-10-15% per transaction can easily deprive you of a deposit. The indicators for calculating the lot are designed to help the trader in determining an adequate amount of risk relative to the size of the deposit and the size of the stop order. In addition to the established risk in percentages, one should not forget about such a phenomenon as slippage - stop orders may be executed another point worse, and you will lose a little more (and if your stop falls into a heap or news, then it can be executed in 2-3 times more than what you set). The market is unfair, remember this.
lot calculator - indicator for calculating the lot size relative to the stop orders. Its position can be changed at the corners of the graph. In the settings we indicate the stop size in points and the risk as a percentage - the indicator does the calculation itself - it will calculate the lot size, indicate the price of one point with this lot and calculate the potential loss - if the transaction fails. You can choose the color and font size.
MAX_LOT - the indicator considers the maximum lot for one transaction (as we joke on the forum - the risk is “for the whole cutlet”), taking into account the amount of leverage. Leverage in the settings you can put any - there will be a recalculation of data.
The most famous indicators of this type: # Lot, # Risk from depot, lot calculator, Maxlot, Money management.
Spread and Swap Indicators
Watching the size of the spread (the difference between the purchase and sale prices) for intraday traders, for scalpers M1 / M5 is fundamentally important. For them - the lower this value - the better. The size of the spread (which can be fixed or floating) depends on the type of account, on the market situation. In general, it is worth knowing when the spreads are especially large and intraday traders should not climb into the market at these moments (this does not apply to those traders who trade on D1 - there are stops and profits measured in hundreds of points and there is no point in worrying about 2 or 8 points of the spread):
- on Monday in the first minutes at the opening of the market;
- on Friday in the last minutes before the market closes;
- when switching from one day to another - every day;
- important news (decisions on the interest rates of the Central Bank, a speech by the heads of the Central Bank and presidents of certain countries and so on);
- force majeure like Brexit or the fall of Chief.
The rest of the time, the spread, as brokers say in trading conditions on ECN / NDD / STP accounts, can be almost zero, or within half a point (using the well-known EURUSD pair as an example).
IND Monitoring - the indicator displays the spread in the form of a histogram. Here you can see, especially in the news, how the purchase and sale prices for a particular instrument are scattered.
In the example above - in addition to the indicated indicator (in the basement), two spread indicators are also installed - for measuring it online. As you can see from the histogram and huge M1 candles, important news came out on the EURUSD pair and the spread was greatly expanded by the broker.
CandleSpread_modern - the indicator, in addition to the spread value, also shows the time until the candle closes. Of the features - in the settings you can set a certain threshold of the spread (the upper line of settings), above which the indicator will display in red (the color is also selected) - a very useful function for intraday traders - a kind of red traffic light - the spread is big - you should not go into the market (and sometimes it happens). Everything is configured here - font size / color / name.
There are many indicators of the spread. Some of them display a fixed numerical value online, while others display readings in the form of a basement histogram - i.e. You can look at the stories what brokers give spreads within a day, on different types of accounts, on different instruments, compare spreads with different brokers. Under this case, I even collected the TS Spread Monitoring. There are also indicators that write all this information to a file - it can be useful when testing some expert advisors.
A swap is a fee for transferring a position in a day. First of all, such information may be relevant for long-term traders who hold the position for several days or weeks - as a result, the amount of charges can be a nice plus to the amount of the transaction (if it is positive for your position). A swap can be positive and negative, as a rule, in the middle of the week it is charged in triplicate (for example, in Alpari, the day of the triple swap is Wednesday). Information on swaps can be found on the broker's website in the specifications for the trading instrument, you can right-click on the instrument in your MT4 terminal and select “Specifications” and look there. Well, you can just use the profile indicator.
ZFXiSwap - the indicator shows swaps (and not only) for several instruments at once.
spread swap - spread and swap, simply and without frills.
The most famous indicators of this type: Candle Time & Spread, Candle_Spread, IND Monitoring, Spread history, spread swap.
Higher Timeframe Candle Indicators
Many strategies require checking before opening a deal with the situation on the higher time frame - as you know, the longer the time, the stronger and better the signal. And if you have several currency pairs at work, and two or even three charts with different time intervals, opening and periodically switching between them will be rather inconvenient. But there is a solution - indicators have long been developed that can show charts of candles and bars from different instruments and timeframes on the main work chart - where you open positions.
stratman-minichart - one of the most famous, reviewed in detail on our website. I can only say that the indicator is quite popular and there are a lot of its various modifications - but in terms of functionality and management they are similar and you will not have problems with the settings.
Multiinstrument - the indicator directly in the window of your instrument will show the graph of that instrument that you are typing in (in the example below, the EURAUD pair is shown on the GBPUSD chart). Conveniently.
MCP Multi Charts - this indicator will be in the basement window and show several charts of different currencies at once, indicating OHLC prices - opening, maximum, minimum, closing ...
There are also modifications where, besides showing other instruments, you can use some technical indicators - not just the USDJPY pair on the pound chart, but also framed by some moving averages or together with the Parabolic indicator. In a word - the trader has a huge choice here.
The most famous indicators of this type: stratman-minichart, Overlay chart, Multiinstrument, Multicharts.
For those who do not want to clutter up the chart with several info indicators - information panels have been created - where all the necessary data on the work is in one window, everything is regulated and configured. Thus, one indicator replaces several at once. There are a lot of info panels, we’ll see a couple of them here.
P4l clock - in this panel there is time, and spread, and ADR, and much more. The indicator's peculiarity is that literally every line can be turned on / off - in this way we leave only what we need. It’s not worth talking about placement in any part of the chart or in any basement of another indicator - here it’s all implemented.
Infopanel TSLS_mod - a very simple and unpretentious socket - in one window we have spread, swap, current time and information about the leverage.
The most famous indicators of this type: Bid_view2.0, i-NASA, infoboard, Infopanel, Stat informer.
Various useful indicators
In addition to the indicators discussed above, there are many useful pluses that one way or another can be useful to a trader in their work. For example:
Truly ScreenShot Indicator 1.35 - an indicator of screenshots, which is described in detail in one of the materials on the site. No one will argue that sometimes it is very important to take a screenshot of the screen - to capture your transaction, maybe to fix some kind of broker cant on an excessively large spread, and so on. There may be many situations. Also a plus is that there is no need to install third-party programs on the computer, configure them, search for the folder where the screen is saved. Here, all the work is like with a normal indicator. In addition, this indicator can take screenshots on the machine with a specific user-defined algorithm - i.e. even manual intervention is not required, everything will be done as specified by the trader.
i-SignalOfTrade - the indicator informs the trader about all the events on the trading account (for example, you have subscribed to signals and want to control the copy / trade process so that the management does not merge your depot). Firstly, it catches any trading event, any trading operation on your account: opening positions, placing orders, modifying stops and takebacks, partial and complete closing of positions, triggering stop / takeback. Secondly, the indicator displays information about the event in five different ways.
i-urovenzero (and various modifications) is a very useful indicator for trading in grids and locks manually, it shows all the necessary information on the account and open positions, breakeven, stop out and complete drain drain levels. Perhaps it will save someone from big losses.
CandleBodySize (and various modifications) - the indicator calculates the size of the candle in points. Due to its popularity, certain mods have been made in certain strategies and various additional functions have been added.
i-breakeven (and various modifications) - the indicator shows the breakeven level with an open order or grid of orders. If you manually consider you too lazy, then this process is already automated.
Dailydata - the legendary info indicator, has many modifications, all of them are included in the set. In the example below - all keys are clickable - we leave on the chart only what is needed.
DrawProfit v3.0.3 - the indicator displays closed deals on the chart; it can also show the result of transactions: in points, in the deposit currency, in points and currency; Well, note the levels of stop and take (I have this option disabled on the screen). Very comfortable bun.
Unfortunately, one cannot talk about all the useful indicators here, and this is not necessary. In the topic of info indicators on the forum, everything is presented with pictures and a detailed description - a link at the end of the article.
The most famous indicators of this type: there are a great many of them.
Download a set of information indicators
Forum topic (indicators for MetaTrader 4)