MT4 indicators are built-in or default indicators that come with the MetaTrader 4 platform. They help with technical analysis and consist of some of the most popular tools in the market. In general, they are divided into several categories of Trend, Oscillators, Volumes, Bill Williams, and Customs.
To use them, traders can click on "Insert", choose "Indicators", enter one of the categories, and click on the indicator.
Some popular indicators that are available in MT4 are:
- Moving Average: A dynamic line that appears on the price chart to identify the trend.
- Moving Average Convergence Divergence: An oscillator that consists of two signal lines and a histogram that appears below the chart. It has a number of functions such as identifying trends, momentum, and divergence.
- Parabolic SAR: Dynamic dots that appears on the price chart to help identify the trend and when it reverses.
- Stochastic: An oscillator with two extreme levels of 80 and 20 to identify when the price is overbought or oversold. This indicator appears below the price chart and consists of two moving lines.
- Bollinger Bands: A dynamic price channel consisting of three lines that make up the upper band, middle band, and lower band. It can identify price trends, show volatility, and a reliable reference for price reversals too.
- Relative Strength Index: Also known as RSI, it is quite similar to Stochastic. The difference is that RSI's extreme levels are typically set on 70 and 30, and the indicator only consist of one moving line.