Confirmation & Exit Indicators for MT4

Beginner Questions
1

Hello !

I’m new here into community and I like to find out some new Confirmation & Exit Indicators for MT4, others then the older one such as :

  • RSI
  • Bollinger Bands
  • Fibonacci
  • Stochastic
  • MACD
  • CCI

Thank you in advance for your support.

Nina

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2

Hello Nina, you are welcome! Why you focusing on only trading indicators instead of trading chart & fundamental analysis?

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3

^^What the person above said? Relying off of only indicators you’ll never truly see the “full” picture in details. You should definitely be interested in incorporating all the little tools in your traders box.

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4

I’m focus on trading chart & Technical Analysis, therefor I’m keen to use indicators which are very actual and accurate.
If somebody has suggestions on this issue for me, it will be very helpful to me.

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5

Hi Nina - I hate to say but I don’t find its as simple as what you seem to think - its not realistic to expect to pick up a new indicator off the shelf and plug it in and start to make profits. There isn’t a “best” indicator, there is only the best indicator for your strategy, so to find this indicator, its important to know the strategy. The purposes of confirmation and exit are just too general, sorry.

What are you trying to do? What must the indicator tell you which you cannot already see?

6

Okay, that’s really great! You can use EMA any parameter (but I’m comfortable with EMA20). Nice to see, you are on the right way.

7

Funny I use (EMA 10/MA 20) for my crossover.

8

What’s wrong with these default tools? I’m sure, it’s not easy to get more useful tools major technical indicators.

9

For all trading pairs? Or do you have any particular choice?

10

I put it on all pairs, but I use in conjunction with my Bollinger bands, RSI, & Stochastic.

It’s more of my 2nd strategy to test an idea, but it also has some pivotal shifts and helps me look at the market like a water current that’s ebbing & flowing with the bears/bulls.

11

Thanks for your reply! Now I got your idea! Have a good weekend, mate.

12

Since you are asking specifically about indicators, then I will respond to that first.

Personally, I like to look at the higher time-frames. You can look at the Stochastic RSI and other indicators to see what is happening. Moving averages are very popular. You can also look at Parabolic SAR or another similar indicator that shows directional changes. Something as simple as Heiken Ashi candles can work, especially for quick in/out.

That being said, just looking at a naked chart and seeing what the price action is doing can tell you a lot. Support and resistance, obviously, as well as drawing trend lines can show you what is happening and give you a better picture.

14

There are some good indicators out there. For a confirmation indicator you’re looking for either a : - Zero line cross
- Two line cross
- Chart indicator

And it must not get you into a trade too early nor too late

I’m not allowed to post links and stuff like that here. But if you need more help i’m willing to help

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15

Hi there @Comfortm,

Reading your post and would love to have ur help in any way.

Thanks in advance,
Miguel Cruz

16

Hello Miguel ,
Sorry for the late reply.

So to give you a picture i’m algorithmic trader. Don’t let that scare or intimidate you.

An algorithm is simply ‘a set of rules that must be true in order for something to occur.’ And in my sense its a set of indicators that must be true in order for me to take a trade.

The first thing you need to know is that the Daily chart is by far the best time frame you can trade. It doesn’t get confused and records data better compared to lower time frames and you have to know runs the markets and the banks run the markets. And the banks can manipulate the markets though they mainly manipulate the major currency pairs.

So basically what you’ll be looking for is to create an a algorithm(A system that works). And by this i don’t mean getting popular outdated indicators (Some that were actually made for stock trading) like the RSI, Trend lines, Support and Resistance, Fibonacci, CCi, the common MACD, 200 EM crossovers etc. but there are great indicators and tons of them are free.

So the first indicator you’ll add to your algorithm is:

  1. ATR (Average True Range) - You’ll only use this indicator for money management. Where to take you’re stop loss and take profit.

  2. A Confirmation Indicator (I already mentioned the types you’ll be looking for on the other post) - This indicator/indicators should get you into trades at the most opportune time(not too early and not too late) And the back test these indicators on the daily charts(maybe till 2 years) and not down the wins to the losses and seeing if they give you a good winning percentage (don’t delete any over the bad indicators cause you’ll need them later on). Test across different currency pairs, i trade 28 pairs which are basically crosses across the 6 Major Currencies (USD, GBP, EUR, AUD, JPY, CAD, CHF) i personally back-tested across 8 currencies after i filtered through different indicators to the ones i liked.

There are a lot of good free sources online to get these indicators online( i can’t share links here cause its not allowed, and i’m not sure if sharing my contant info ie. Whatsapp or email is allowed here either)

While back-testing open the ATR making sure it atleast hit the ATR value of the currency before it turned the other way or continued in the same direction.

I hope you use MT4 cause there’s tons of indicators that have been created for MT4 compared to MT5 and i just think MT4 is the best MT platform ever created, and i prefer it compared to the more modern platforms.

So tell me how you’ve progressed with your search for a confirmation indicator.

I would share links but its not allowed here. And i was going to give my email and WhatsApp contact but i’m not sure yet if i’m allowed to post them here

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17

Thank you I ll take a look :ok_hand:

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18

Great info.
Reminds me of a wonderfull youtube channel and website.
No nonsense forex.
(Are you VP ? :wink: ) All I learn there now greatly layed out here for those with eyes to see.
Thanks for sharing !
(Hope the above didn’'t violate any rules)

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19

Haha no i am not VP. But i take him as a mentor,

And I think you kinda brokke the rules lol. Don’t worry i did too lol. Though mine kinda had a link to the channel and stuff so it was taken down.

I love VP cause the way he sees the markets and the way i do a kinda similar and I can relate to most of the stuff he talks about. And i love the way he thinks cause it clicks t o mine.

I discovered his channel and a bit after i noticed that i started placing trades using indicators and that i spent way less time like under 30 mins a day looking through charts. Unlike when i’d draw S&R and trendlines. And my win rate started to increase. Though i was not totally terrible at it cause somedays out of 12 trades i’d get 11 but i saw this wasn’t going to work in the long run.

And then while searching for indicators i discovered the NNFX and it has helped shorten my journey.

Great to find another enthusiast.

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20

Hey man,

Im also a fan of vp. would you mind sharing your algorithm and ill share mine with you i have 4 out the 6 and i need another confirmation indicator. maybe we can learn something from each other. let me know and ill send you my info.

thanks

21

Hi Comfortm,

I’m trying to follow the same algorithm and follow NNFX religiously. But, i cant seem to find a good confirmation indicators for entry and exit. Can you help ?