Today, I am introducing traders to the best Forex indicators in the market. These are indicators that are proven to work in MT4, MT5, Tradingview and find themselves on many top 10 lists. In this case, we are drawing your attention to 8 proven indicators that will help you grow your trading account and win more trades.
For many traders, Forex indicators play a significant role in their daily trading routine. The purpose of putting together this page is to explain the benefits and drawbacks of many different indicators that I’ve been reviewing and using over the years.
Depending on your personal trading approach, and stylistic tendencies, there are hundreds of different indicators available all with the express intent of providing better ways to analyze the markets. After perusing our list of both free and paid options, you will know without a shadow of a doubt which are the best MT4 indicators for every type of trader.
Best Forex Indicators in 2023
2. Free Money Management
3. Moving Average Exponential & MACD
1. RSI (Relative Strength Index)
The relative strength index is a free Forex indicator you can use in MT4, MT5 and tradingview. This is currently my favorite indicator, because it provides effective entries.
The RSI is a momentum indicator that determines whether an asset is overbought or oversold. It works for Forex, stocks, cryptos, anything. The RSI indicator uses three main numbers, 70, 50 and 30. If the price goes above 70, the asset is overbought (a good time to sell), if the price goes below 30 the asset is oversold (good time to buy).
It’s not perfect, but works incredibly well with my secret strategy in this video here:
- Price: FREE
- Client feedback: Used by thousands of traders since 1978
- Trading performance: Depends on the strategy
- Trading methodology: Any strategy
2. Free Money Management
Without money management you won’t win trades.
This is why I believe this Free Money Management indicator is the Best Forex Indicator available. This indicator will help you trade the right lot size, plot your tp & sl before placing trades and much more.
To learn where to download the indicator, how to install the indicator, and how to use it properly, simply watch this video here:
- Price: FREE
- Client feedback: Excellent
- Trading performance: Not applicable (doesn’t provide signals)
- Trading methodology: Any strategy
To download the free indicator, go here.
3. Moving Average Exponential & MACD
The Moving Average Exponential (EMA) and Moving Average Convergence Divergence (MACD) are two free Forex indicators that when combined can provide great trade entry opportunities.
The EMA tracks the price of an investment over time, and the MACD is a momentum indicator that shows the relationship between multiple moving averages of a currencies’ price.
To see how I use these two free indicators to win trades on a consistent basis, watch this video here:
- Price: FREE
- Client feedback: Perfect
- Trading performance: Performs very well with the right strategy
- Trading methodology: Can be used in thousands of different ways
Whether paid or free, new or old, every indicator has it’s place and moving averages are always going to be the baseline for the majority of trading strategies.
MQL5 continues to be one of the most extensive resources in the Forex market. Their exclusive product marketplace gives traders access to many different product offerings including over 28 pages of Forex indicators. 8 of those pages are completely free indicators, but the quality is substantially lower when dealing with unpaid services. The main benefit of the market, is the diversity of options available, and the fact that every day traders can analyze hundreds of different products in order to find one that suits their personal trading style and interests. The reason that this is ranked number one, is because each system comes with client reviews, comments and free demos.
While there are positives, the MQL5 market isn’t perfect. The flip side of having so many options, is the fact that it can be very difficult to sort through each of the products and decide which Forex indicator is best and most viable for your current trading approach. It’s also worth noting that the majority of the coders involved in this marketplace are not coding professionals per se. Obviously, it takes a fair bit of knowledge in order to code an indicator, but most of the coders that are providing these systems do not work for a company, and thus there is no real guarantee that they will continue to support the product they are providing. Most of these coders are highly skilled amateurs, and sole proprietors of their trading products.
This market is highly effective, because it gives traders the opportunity to seek out and download Forex indicators without taking any risk or requiring any initial investment.
- Price: Varies, $30-100 average
- Client feedback: Good feedback system
- Trading performance: Mostly unverified
- Trading methodology: Many strategies
5. PipFinite Trend Pro
PipFinite Trend Pro could essentially be categorized under the MQL5 umbrella, because it is indeed sold in the MQL5 market, but it deserves its own ranking as it is the most popular Forex indicator out of the thousands on their website. First released on January 15, 2018, this Forex indicator uses support and resistance levels alongside a strict set of rules that trigger buy and sell signals accordingly. This type of indicator does the majority of the work for the trader, because it provides the price, the direction of the trade, and the stoploss/takeprofit levels to set. It also includes a success rate metric, which gives traders an idea as to how effective a trading signal is likely to be, before the trade is placed. The indicator is aesthetically pleasing, and sends trade alerts via sound alerts within meta-trader 4, push notifications and email.
While the PipFinite Trend Pro sits in the number 2 position, that doesn’t mean it is without its warts. A couple months after completing our review, it came to our attention that the popularity of the indicator, and the overall rating on the MQL5 marketplace, is actually misleading. The vendor requests that his clients provide a 5 star review of this service in exchange for a free scanning indicator. Clients are expected to post a positive review, which skews the results and keeps this in the top 10 mt4 indicators list at MQL5. After the client provides proof that they posted the positive review, then the vendor will give them access to a free Forex indicator. The most recent comments here on Forex Robot Nation seem to suggest that the system is overrated, and not worth the $100 price tag, which is inflated by false positive reviews.
Sitting at number 2 currently, it’s unsure how long this indicator will remain in one of the top spots available given what we’ve found out.
- Price: $99
- Client feedback: Mostly 5 stars (but inflated by free indicator exchange)
- Trading performance: A video, and screenshots, nothing verified or long term
- Trading methodology: Support and resistance, but lacking detailed insight
6. Forex Gump
Forex Gump is another Forex indicator sold in the MQL5 marketplace. The main difference between this product, and most of the others reviewed in this section, is that the vendors actually provide the strategy in both indicator and Forex robot form. This is a very helpful approach, because it gives the vendor the opportunity to easily provide the community with verified trading results, although much like every other vendor in this market, they fail to do so. The general trading strategy isn’t elaborated on in much detail, but they do tell us that the indicator is based on a high frequency trading scalping approach. The system also includes multiple filters so that traders can adjust the indicator period, but there isn’t much explanation as to how these should be modified in the overall standing of the software.
The one aspect that sets this Forex indicator apart from the rest, is the fact that they provide an automated robot with the indicator. The more we analyze this program, the more we see that this is a requirement. They mentioned that they utilize high-frequency trading as the backbone of their strategy, which essentially makes the Forex indicator useless, because humans can’t keep up with a high-frequency trading approach. There are just too many trades being opened and closed simultaneously, for a trader to keep up with them all. Thus, the Forex robot that’s offered as part of this package, is actually the most important element.
Coming in at the 3rd spot, we feel that the positives still outweigh the negatives, but this isn’t a glowing endorsement by any means. The service belongs in the best MT4 indicators category, but ratings change over time as the markets shift.
- Price: $47
- Client feedback: Under populated, not enough to draw any conclusions on
- Trading performance: Screenshots, nothing to write home about
- Trading methodology: High frequency trading
7. APA Zones
APA Zones is both a Forex indicator and educational service that wants to help introduce and strengthen the knowledge of their clients on price action trading. Their program includes training videos, indicators, templates and the community Skype room to discuss trading strategy. The indicator is offered by Gabriel brand, a sole proprietor located in Long Beach California. While it’s quite difficult to make your way through the website, and figure out where you should start, it is quite apparent that the developer does have a fair bit of knowledge about price action trading.
While most indicators we review provide buy and sell signals, the purpose of Gabriel’s indicator is to “help you maintain consistent analysis of supply and demand and take repeatable trade entry setups.” The packages are organized based on trading experience, so traders with different levels of experience are recommended to sign up with different indicators / products on the website. There isn’t much in terms of trading results, or performance reports, but the service does come across as a legitimate one.
While the majority of the review is positive, this product is still somewhat confusing, and not very popular among the overall Forex community, which is why it is currently ranked number 4.
- Price: $45-$158/month
- Client feedback: Three 5 star reviews all from 2016 (activity concern)
- Trading performance: No verified trading results
- Trading methodology: Price action (knowledgeable trader)
8. NewGen Trades
NewGen Trades is a Forex indicator described as so simple “that even an 8-year-old kid could use it.” Unlike the other indicators reviewed up to this point, this is not sold on the MQL5 marketplace. Instead, it is developed by a company that claims to have 15 years of experience in the trading industry. They believe that traders should sign up with their service because they have over 500 happy clients worldwide, and boast a 100% customer satisfaction rate. None of these claims are substantiated in any real way.
There really isn’t much positive to say about the NewGen Trades indicator. The vendor provides no information about their trading strategy, and the same could be said of their lack of trading results. Since the vendor gives us almost nothing to go on, we have to rely on the client feedback, which there has been quite a bit of it in our review. While we are happy to see that the support team did follow up with some of the comments, they were never able to provide any verified trading results. The most recent comment is from a client that claims that the software never worked as advertised, which forced them to eventually ask for a refund.
Sitting in the 5th spot, it’s quickly becoming apparent that even some of the best Forex indicators to choose from are flawed in major ways.
- Price: $80
- Client feedback: Mostly negative
- Trading performance: Screenshots, no verified results
- Trading methodology: No strategy provided
Currensys is an older indicator package, that isn’t discussed too frequently, but because it’s built to work with NinjaTrader, eSignal, and MCFX/Multichart platforms, I felt it was important to included on this list. Every single Forex indicator covered up until this point has been built exclusively for MT4 or MT5, but if you don’t use that platform, then maybe you would be interested in this Forex indicator, even if it is much older.
This indicator collection that provides traders with a signal-based trading method is owned and operated by MVP Holdings, located at 30 Broad Street, Suite 1450 New York, NY 10004. They feel that their Forex indicator service stands the test of time because they use multiple signal systems simultaneously in order to actively monitor the current market conditions. For detailed information about the strategy, the vendor provides a handful of videos on their website.
One of the strangest aspects of the service, is the fact that the vendor is charging over $1000 for it, when the rest of the Forex indicator market is essentially $100 or lower. There’s nothing overly impressive, that suggests to our team that this Forex indicator should be much more expensive than its competitors.
- Price: $1095
- Client feedback: Very old, most reviews from 2012/2013
- Trading performance: None
- Trading methodology: Bollinger reversal, and bollinger breakout
PipBreaker is a highly marketed Forex indicator developed by the WeTalkTrade team. It’s found in multiple best MT4 indicators lists, so we find it’s important to The vendors promising 90-93% success rate with the signals generated from their indicator and advertises it as “the most efficient way to trade manually.” The developers of this indicator are located at 2711 Centerville Road, Suite 400, Wilmington, DE 19808. While the sales page is aesthetically pleasing, the vendor provides very little information about their product. The website is mostly promises, flashy images, and a high price tag of nearly $250.
Our review has attracted 11 comments from traders utilizing the software, and the only experiences shared so far have been negative. The majority of the clients claim that the win rate is not realistic, and that the indicator provides too many false signals to be trusted.
Sitting at the 7th spot currently, this indicator doesn’t provide much substance, and hasn’t been able to win over the Forex Robot Nation readers.
- Price: $249.99
- Client feedback: Not performing as expected
- Trading performance: No verified results
- Trading methodology: Not disclosed by the vendor
Honorable Mention: EFC Indicator
EFC Indicator is a Forex trading product that promises to find effective opportunities for its clients in less than 60 seconds. Developed by the trading strategy guides group, they make aggressive claims about their product, saying that it can consistently make over $1000 per week. The indicator is built to automatically detect reversal patterns and take advantage of a 1 to 3 risk reward ratio in order to grow accounts steadily.
The client feedback for the indicator is in the middle of the road. One of the clients claim that they attempted to utilize the indicator for binary options, but was unsuccessful. Yet, when he contacted the developer, they refunded him with no questions asked, which is certainly a good sign. Another commenter echoed his sentiments, which makes me believe that the vendor is a showing some positive signs.
There are no real trading results to go on, as the vendor only provides a couple of different screenshots, of how the system works.
- Price: $99
- Client feedback: Average
- Trading performance: No verified results
- Trading methodology: Reversal based
In the analysis today, we will be monitoring and reviewing four factors that will lead to a ever-shifting, live ranking system of the proven Forex indicators. These 4 elements will help in the final rankings of the indicators, and give you an insightful checklist to sort through:
- Client feedback
- Trading performance
- Trading methodology
If the service is effective in achieving a high rating in these categories, then it will rank well. It’s worth noting that many of the services we’ve reviewed do not excel in the categories we’ve chosen, and thus some of the indicators that made this list are flawed.
What are Forex Indicators?
In order to get the most out of this page, you first need to understand the different types of Forex indicators available. For the most part, commercial Forex indicators are MT4 or MT5 based systems that analyze the market, and trigger trade alerts when the conditions or rules of the system is met. Trade alerts are pop up boxes in MT4 that direct traders on specific trades to place, generally including the entry price, take profit and stop loss. These are the most popular products that are promoted in the indicator marketplace.
Then, there are Forex indicators that paint on your charts to help you spot patterns better, see market movements, and utilize different data points like the relative strength index. Overall, these types of indicators are more for advanced traders that are looking for ways to bolster their manual trading approach. Many of these indicators are readily available for free within MT4 or MT5, but they aren’t the main focus of this review today.
Instead, our analysis is more directed at the best Forex indicators that provide trade alerts, and give traders direct trading advice.
The way we look at indicators is different in 2023, then it was just a few years ago. Our expectations are much higher, and we feel that the commercial vendors need to be held to a higher standard of accountability and transparency. What was once considered a contender for the best Forex indicator title, is no longer relevant in today’s market conditions.
How do Forex Indicators Work?
The Forex indicator is often viewed as a gateway between manual trading and automated trading, because while the trader doesn’t have to do any chart analysis, they still have to place the trade.
Commercial Forex expert advisors are very simple to utilize. Traders either attach them to their MT4 or MT5 charts, set the timeframe, the pairs they want to trade, then wait for the trading conditions to be met. Once the condition or rule is met, the trade alert (signal) will pop up on the chart with the instructions. Trade alerts are frequently often sent to the platform, and to your mobile device via SMS or your email depending on if you want to trade these signals on the go.
Forex Indicator Table
As we continue to scour the market, we are always finding more Forex indicators to review, and as we do, they will be added to this table. The table is nearing 20 reviews, and there are many more to come. Hopefully as we improve our ability to analyze these systems, the vendors improve upon the services they are offering.
It’s clear that the best Forex indicators aren’t the first choice of the Forex Robot Nation team. Indicators almost feel antiquated, in that they serve a purpose, but have been over taken by more successful methods of trading the markets, like the best Forex robots tested or best Forex signal providers.
While indicators certainly still have a role, and play a very useful role for manual traders. Many of the commercial systems, like the ones listed in this review are lacking in the most important areas. These vendors need to find better ways to prove their systems are viable, with the use of third party statement sharing providers, and sustained trading records.
Thanks for reading our Forex indicator breakdown, and look forward to us expanding this into the top 10 mt4 indicators very soon. Please comment or leave suggestions of other indicators you would like us to add to the list.