The ChoosaBroker Trading Academy

14.3. Adding Technical Indicators on MT4

For traders and investors relying on technical analysis to form their market bias, indicators are an indispensable tool. MetaTrader 4 has up to 30 inbuilt technical indicators, enabling market participants to implement even the most complex of strategies. The best forex brokers provide further details in this respect.

MetaTrader 4 Indicators

MT4 indicators are categorized under the following 4 heads:


  • Average Directional Movement Index – Used to determine when price is trending strongly.
  • Bollinger Bands – Volatility bands placed above and below a moving average.
  • Envelopes – Typically overlaid on a price chart to identify extreme overbought and oversold conditions.
  • Ichimoku Kinko Hyo – Defines market support and resistance and determines trend direction.
  • Moving Average – Displays the average price of a security over a specific period of time.
  • Parabolic SAR – Price and time-based trading system developed by J. Welles Wilder.
  • Standard Deviation – Measures the amount of variability around an average.


  • Average True Range – Provides an indication of the degree of price volatility.
  • Bears Power – Developed by Alexander Elder, it estimates the power of sellers.
  • Bulls Power – Developed by Alexander Elder, it estimates the power of buyers.
  • Commodity Channel Index – Versatile indicator, used to spot a new trend or warn of extreme market conditions.
  • DeMarker – Measures the demand for an underlying asset.
  • Force Index – Assess the “force” behind price moves and identifies potential trend changes.
  • MACD – A widely popular trend-following momentum indicator.
  • Momentum – Measures the strength of a price move.
  • Moving Average of Oscillators – Depicts the difference between an oscillator and its moving average.
  • Relative Strength Index – Developed by Welles Wilder, it measures the speed and change of price movements.
  • Relative Vigor Index – Calculates the likelihood of a recent price move continuing.
  • Stochastic Oscillator – A momentum indicator that compares a security’s closing price to its range over a certain period of time.
  • Williams’ Percent Range – Developed by Larry Williams, %R is the inverse of the Stochastic Oscillator.


  • Accumulation/Distribution – Attempts to gauge a market’s demand-supply scenario.
    Money Flow Index – Uses both price and volume data to measure an underlying asset’s buying and selling pressure.
    On Balance Volume – Another popular indicator to measure buying and selling pressure.


  • Accelerator Oscillator – Signals acceleration or deceleration in the current market driving force.

  • Alligator – Consists of three lines overlaid on price that was created to help confirm the presence of a trend and its direction.
  • Awesome Oscillator – Tries to gauge whether bullish or bearish forces are currently driving the market.
  • Fractals – Indicators overlaid on candlestick charts that locate potential market turning points.
  • Gator Oscillator – Developed by Bill Williams, it is an auxiliary oscillator to the Alligator.
  • Market Facilitation Index – Tracks the willingness of a market to move price.

How to Apply MT4 Indicators to Chart

  • First, we click on the “Insert” menu.
Next, select the indicator you wish to add to an asset’s chart. Indicators are typically grouped according to the functions they perform. For example, “Moving average” can be found under the “Trend” section.
After selecting the indicator, input its parameter(s) and edit its appearance.

Click OK once the settings have been tweaked to your satisfaction. The indicator is now good to go!

Need a broker? We reviewed brokers offering excellent trading platforms and great online brokers!