Technical indicators work as an interpreter for the global FX market. By looking at price information and translating it into simple, easy-to-read signals they can help you determine when to buy and when to sell a currency pair. Each technical indicator provides unique information. Traders naturally gravitate toward specific technical indicators based on their trading personality. But it is equally important to become familiar with all of the technical indicators at their disposal.
Many forex expert advisors also use some technical indicators to increase the accuracy of their trades. Here are some of the best forex expert advisors that use indicators for trading automatically.
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Trailing Stop EA
The Trailing Stop Expert Advisor opens several trades at a time by trailing the price once it goes in the user’s favour. It eliminates situations such as when the trader closes a trade earlier than he/she should and the price continues to go in his/her favour, or when they have waited for too long and the price reverses, losing the trade in the process. The EA trails the price using various methods such as using MT4 indicators such as MA (moving average), PSAR (parabolic stop and reverse), fractals, ATR (average true range).
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MACD EA
The MACD EA can trade the trend using the MACD indicator and the Stochastic indicator to confirm the trade entries. It is aimed at traders that are familiar with using moving average convergence divergence (MACD) indicators in their trading decisions. It also gives traders the option to use the Stochastic indicator to confirm the entries and/or the exits as an extra layer of confidence. It can be easily set up and used by even novice traders.
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Renko EAs
Renko is a collection of two EAs that build Renko charts and trade on it. A Renko chart, developed by the Japanese, is built using fixed price movements of a specified magnitude. The EA works by creating offline Renko charts and continuously updating them. Traders can either trade manually or attach an expert advisor that trades automatically. With this EA, you can create and use Renko bars on Meta Trader which is not otherwise possible. The EA also has a trend detector and you can instruct it to buy only an an uptrend, or sell in a downtrend.
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TDI EA
The TDI EA is a forex robot that uses the Traders Dynamic Index indicator or TDI/ TDI is a Metatrader indicator that uses a combination of volatility bands (based on Bollinger Bands), moving averages and RSI (Relative Strength Index) to scan the market. It then opens or closes trades based on the indicator and automatically manages lot size. For $349, you get an EA that uses TDI indicator, optional moving averages and stochastic oscillators to effectively trade on your behalf.
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Heiken Ashi EA
Heiken Ashi EA is an expert advisor which is suited for trading with the trend. It works by detecting the trend and the trade. The EA buys when the trend is up and/or only sell if the trend is down. After opening a trade, the EA places a place a classic stop-loss and/or take-profit, and also trail the price using various methods (using the Trailing Stop EA algorithm) including trailing by Heiken Ashi candles, moving average, PSAR, ATR and others.
Conclusion
Using forex expert advisors which use complicated indicators can be profitable if you know what you’re doing. However, it is advised to know about the indicator that your EA is using so that you can better ascertain its effectiveness. If you think a particular indicator isn’t working out for you, do not hesitate to change your EA before you suffer devastating losses.
