Overview of the Best MT5 Indicators

Alexandros Theophanopoulos
10 Min read

In this article we are going to take a look at the best MetaTrader 5 (MT5) indicators for Forex trading in 2024. We'll look at indicators such as the FRAMA (Fractal Adaptive Moving Average), the BB MACD, the BW MFI, and more!

As a Forex (FX) trader you will understand how important it is to use analysis when trading in the foreign exchange market. Technical analysis is important for those wanting to trade Forex well and responsibly, and it is the approach of forecasting moves in price and future market trends. Traders will carry out their technical analysis by studying charts of past market performance.

Since Forex trading charts involve price based on market action, there is a group of tools that can assist in technical analysis - FX trading indicators. FX indicators include lagging indicators, leading indicators, confirming indicators, and several others. A lot of FX indicators are built into trading platforms, and the platform we'll look at today is the MetaTrader 5 platform (MT5). It contains a lot of new indicators, along with an expansive collection of existing MetaTrader 4 (MT4) indicators.

Forex Indicators: MetaTrader 5

There are some significant differences with MetaTrader 5, compared to the preceding version of the platform. Forex indicators are divided into four groups: oscillators, volumes, trend and Bill Williams. Additionally, there is a fifth category - custom indicators, whereby FX traders can store their own items. With MT5 it is much easier and quicker to access indicators, and the vast majority are also completely free to use.

The MetaTrader 5 trading platform has a huge range of indicators available, but we're going to highlight some of the best. They are:

  • The Fractal Adaptive Moving Average (often referred to as FRAMA)
  • The BB MACD
  • The Market Facilitation Index (or BW MFI)
  • The CCI Arrows Indicator
  • The Trade Assistant MetaTrader Indicator

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The Review of the Fractal Adaptive Moving Average (FRAMA)

A Fractal Adaptive Moving Average (FRAMA) exploits fractal geometry in an attempt to dynamically adjust its smoothing period, in order to suit a changing price over a period of time. The FRAMA theory is immensely intelligent, and in order to prove that, we will clarify how a FRAMA operates within the MT5 trading platform. This MT5 Indicator takes advantage of the fact that financial markets are fractal.

A fractal shape is claimed to be either rough or fragmented, and can be split into parts, whereby each of them is essentially a smaller copy of the original. Price movements look almost identical, regardless of which time frame is being viewed. This is called self-similarity, and it in fact identifies the fractal shape.

When we locate the fractal dimension or 'D' we get a sign as to how a fractal appears to fill space, as one zooms down to even more outstanding scales. For instance, your way of thinking should resemble the following: a stock chart is excessively big, and too large to be one D, but is also extremely thin, and too much to be two D - so its fractal dimension is a reading between one and two. The FRAMA determines the fractal dimensions of price over a specific time period, and after that, uses the result to dynamically adapt the smoothing period of the EMA (Exponential Moving Average).

What is BB MACD?

The BB MACD is a combination of the MACD and Bollinger Bands MetaTrader indicators, inputted into a single indicator. When the MACD (represented by green or magenta dots) changes its color, it is often a good trading signal. The power of those signals is gauged by the width of gap between two lines: blue and red.

The MACD line is utilized as the central line of the Bollinger bands - demonstrated as a dotted line, and consequently calculating the ordinary deviation bands for this line. Overall, this mode of the original MACD can be quite useful and interesting, as it makes reading trading signals much easier.

The Details for Applying the Market Facilitation Index (BW MFI)

The Market Facilitation Index Technical Indicator (or BW MFI) is one the Forex MetaTrader 5 indicators that presents the price change for a certain tick. The absolute values of the indicator do not actually mean anything as they are - as they are merely an indicator of change. When the BW MFI enlarges and volume grows, this indicates that the new traders have opened positions in the direction of the bar development, and that the move has begun, and will begin to pick up pace.

In addition, it also shows that the number of players coming into this particular market is growing. When this MT5 indicator descends, so too does the volume. This implies that participants of the market are no longer interested. The BW MFI considerably increases, however the volume falls. It seems that the market is not supported with the volume from particular clients, and as such, the price will change owing to the traders' speculations.

The last variable we'll look at it is when the BW MFI descends, but the volume enlarges. There is a fierce battle between bears and bulls, characterized by a huge sell and buy volume, though the price doesn't actually change substantially, since the forces are relatively equal. One of the rival parties (sellers vs buyers) will ultimately win the battle. Frequently a bar's break will make you aware of whether this bar indicates the continuation of a trend, or the end of a trend.

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The Appliance of CCI Arrows with the MetaTrader Indicator

The aim of CCI arrows as a representative of Forex MetaTrader 5 indicators is to show you where the CCI crosses with the zero (marking it either with a blue or red arrow) in order to assist in deciding whether to go long or short. It has a minimal lag, and a comparatively high accuracy rate.

This uncomplicated indicator is a fine choice for FX traders who prefer to keep it simple, and don't like sophisticated indicators. As for the crucial input parameter, we might see something like this: CCI_Period (default = 14). This is the period of CCI applied within this indicator. Then there is proportion - whereby the higher the value is, the more lags there is likely to be in this FX indicator - although there will be fewer false signals.

This MetaTrader indicator creates direct signals to either buy or sell. It is important to understand that you do not enter the trade if the signal is contradicting the contemporary overall trend. In the case of an uptrend, and when you receive a blue arrow, you should go long, but if it is a red one, you should close your long position if you already had one open.

In the case of a downtrend with a blue arrow, you would then close the short position, but do not go long. If you receive the red arrow, go short. Another recommendation to remember is that if the chart moves sideways, and you receive either a blue or a red arrow, feel free to go either short or long. Additionally, a stop-loss should be set directly at the level where the arrow is drawn. Utilizing trailing stops within this indicator is a prudent choice as well.

How to Make Use of the Trading Assistant Indicator

The Trade Assistant Indicator for MetaTrader is one of the multi-timeframe MT5 indicators, which is based on three ordinary indicators: the RSI, the CCI, and the Stochastic Oscillator. It demonstrates contemporary trend directions for M5, M30, M15, H4, D1, and H1. When you follow this kind of Forex indicator, you get a clearer picture of the trends in all significant timeframes.

It doesn't matter what time frame chart you attach to the trade assistant. One thing to remember is that the input parameters should not be changed. It is recommended to buy and sell solely when all the indicators signal an identical direction within your timeframe, and with both timeframes that neighbour. For example, go long in the M30 frame of time if all indicators indicate to buy in both the H1 and M15 timeframes too.

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Best Forex Indicators: Conclusion

The MT5 platform offers a large amount of interesting and useful trading indicators. As the platform is completely customizable, you are able to choose any indicator that you consider to be appropriate for you. We have provided examples of some of the most popular for 2024, however, there are many more to choose from, and you can always design your own MetaTrader 5 indicators!

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