The Best MT4 Custom Indicators Recommended by Reddit
MetaTrader 4 is a rather complicated system, with literally hundreds of tools and indicators that seem to grow by the hour. The good news is that no shortage of experienced traders comment freely on Reddit’s r/Forex and r/Trading communities about what’s worked for them. Many of these professionals try out a variety of third-party add-ons or custom indicators and often cite some of their personal favorites as being most helpful for Forex and commodities trading. Here are a few of the most frequently cited MT4 custom indicators by users of Reddit, each with its own specific advantage.
One indicator that can be suggested from the trading boards of Reddit is the MACD Divergence Indicator. This is an indicator that helps a trader find out when the price and momentum are no longer in sync with each other, hence giving an indication that a trend reversal may have occurred. In the user-defined MACD version, the divergences will be automatically highlighted which may have to be identified manually in the case of the default MACD. This becomes of much use in identifying entry points in very volatile markets, such as commodities trading, where several rapid shifts are expected in many cases. The MACD Divergence Indicator can be a good advantage, revealing hidden trends.
Another absolutely highly recommended indicator is ATR Bands. ATR itself is a pretty good indicator of the level of market volatility, but adding the bands makes it a dynamic support and resistance system. It is often used in Redditors to confirm trends or catch breakout opportunities in choppier markets. It’s also very popular in commodities trading: the volatility is higher and sharp price swings often occur in commodities. The ATR Bands provide a more reliable methodology to place stops instead of just random stop-loss levels, as it would be based on the movement in the market.
If a user from Reddit is one who is interested in trading beside larger institutions, then one highly recommended indicator is the Order Block Indicator. This indicator on a chart creates “order blocks,” areas where large institutional orders might be found. These “order blocks” depict strong support or resistance areas and indicate possible entry or exit points from trades of banks and other big players. Redditors like this indicator because it would try to make some exposure of the so-called “smart money” moves, particularly useful in commodities, which are highly prone to trading in institutions where knowing their moves would help one make the strategic decision.
Another popular pick on Reddit is the Heiken Ashi Smoothed Indicator. Heiken Ashi candles help to filter noise from regular candlestick charts with smoothed price data and makes it much easier to spot trends. The smoothed version also helps reduce false signals, making it easier for traders to follow trends than if they used minor price fluctuations as a guide. Many Redditors like this tool as a trend follower, particularly in commodities and volatile markets where riding a trend a bit longer can yield bigger rewards.
People on Redditors also frequently talk about Pivot Points Indicator for MT4. Pivot points are derived from previous price action and can be used for multiple support and resistance levels. The popularity of pivot points among various markets is so strong that it may well be self-fulfilling. Mostly, orders are placed near the pivot points, hence forming very strong zones of reaction at places. Especially in commodities, marking pivot points, which may well define a reversal point or a breakout point.
Lastly, the Currency Strength Meter is also a very popularly discussed item on Reddit, particularly in Forex pairs trades using MetaTrader 4. The indicator gives a glimpse at currencies’ strength to target stronger currency pairs while avoiding weaker ones. It also keeps commodities trading relevant because currency strength will affect how an asset like gold or oil is priced. Knowledge of a currency’s strength relative to others can lead to some decent decisions, particularly for those trading dollar-denominated commodities.
These are bespoke indicators that passed real traders tests on Reddit and proved to be useful tools to navigate MT4. Whether you are trading Forex or commodities, they can help clarify your analysis and facilitate more confident trading decisions.
