FOREX

Forex Tools

The presented Forex tools can assist you both in technical analysis and money management which will greatly enhance your trading results. All these online Forex tools are totally free and can be used at no cost:

MetaTrader 4 Expert Advisors

Here you can download MT4 expert advisors which can be used with theMetaTrader Forex trading platform to enhance your currency trading results combining it with the automated trading or expert advising. Only best strategies embedded into expert advisors are presented here. You can test and change them freely before using on your real or demo Forex account. My own testing results are also included for your information. All expert advisors were selected to bring at least 10% yearly profit with maximum drawdown not higher than half of the yearly profit.

If you are having any problems with installing the MetaTrader expert advisors into your MT4 platform, pelase refer to this tutorial:

If you want to achive a better backtesting quality for your expert advisor, please read this tutorial on importing and converting quality historical data to the MetaTrader 4 platform:

MetaTrader History Data Importing and Converting Tutorial for Quality Backtesting

MetaTrader Forex Indicators

At this page you can freely download MT4 and MT5 Forex indicators that can be attached to the MetaTrader Forex trading platform to boost your Forex trading performance. You can develop your own Forex trading strategies using these indicators, or you can simply follow them as the trading signals. Feel free to implement any of these indicators into a custom MetaTrader expert advisor. You can change these indicators freely before using on your Forex trading accounts.

If you have any problems with installing or using these indicators, please refer to this tutorial:

MetaTrader Indicators User's Tutorial

Aroon Up & Down (MT4) — this MetaTrader indicator is based on finding the maximums/minimums of the period and doesn't use any standard MT4/MT5 indicators. It is a separate window indicator with 2 charting lines. I find it useful to determine the trend changes.

BB MACD (MT4) — a MACD variation custom MT indicator, based on moving averages and standard deviation indicator. It can be used to determine trend starts/ends as well as the trend strength (the broader is the gap between two bands, the stronger is the current trend).

Beginner (MT4) — this one shows up trend extremes (max and min) which can be treated as the support and resistance points and help you understand current trend channels. It is a simple indicator that uses some period to find the highest and the lowest points and mark them with the dots. It can be a good base for your own range breakout expert advisor.

BMA (MT4, MT5) — a moving average indicator version that saves the traditional MT4 moving average functionality but adds two bands to the standard line. These bands are placed (by default) 2% below and 2% above the main line and serve as the strong pull-back levels.

CCI Arrows (MT4) — this CCI based indicator will give you signals by drawing blue and red arrows on the chart. It simply detects the CCI cross with the zero but is quite accurate.

Easy Trend Visualizer (MT4) — visualizes the trend beginning/end, along with the range periods. It's based on the standard ADX indicator and produces quite accurate trend signals.

Fisher (MT4, MT5) — finds the maximum and minimum levels on the given period, applies custom calculations to the relation of the current price to those levels and draws a histogram of the trend. Marks uptrend with green lines and downtrend — with red lines.

Float (MT4) — this MetaTrader indicator scans the latest trends and tries to apply the data to the current rate, showing a trend start/end in a separate window. It also shows Fibonacci retracement levels on the main chart window.

Laguerre (MT4, MT5) — a separate window indicator with one line signaling short and long positions, when it crosses the upper band from above or lower band from below, respectively.

Murrey Math Line X (MT4) — another kind of pivot points given in form of lines displayed on the main chart. It uses Murrey Math rules to calculate the lines’ position. Lines are shown for the current period and represent the support and resistance levels.

Not So Squeezy (MT4) — a set of indicators for the Not So Squeezy trading strategy.

Pattern Recognition Master (MT4) — an indicator for the automatic Japanese candlestick patterns recognition. It marks each candle, which fits any pattern, with the special code that represents the appropriate candlestick pattern. The legend for the patterns and the corresponding symbols is also attached to the chart with this indicator.

Price Alert (MT4, MT5) — an indicator that can notify you of certain price changes via the MetaTrader sound alerts. Can be used in manual trading when you want to know when the price reaches certain levels.

RSIOMA (MT4) — this indicator is composed of the RSI (Relative Strength Index) of two moving averages and moving average of this RSI. The cross of them means the change of the trend — when the bold line is above it is an uptrend, when the thin one is above it is a downtrend.

Spread (MT4, MT5) — an indicator that can display current spread for the given currency pair directly in the main window of the chart. Useful when dealing with variable spreads.

Support and Resistance (MT4) — as the name suggests, this indicators shows the levels of support and resistance directly on the chart. It uses standard MT4/MT5 Fractal indicator and does quite well in depicting the good levels for the next stop-loss and target-profit prices.

Trade Assistant (MT4) — a multi-timeframe indicator that analyzes the market conditions on timeframes from M5 to D1 using the Stochastic Oscillator, RSI and CCI standard indicators. The output is the set of buy or sell signalls displayed as a table below the chart. It's very easy indicator to trade using both small and large timeframes.

Traders Dynamic Index (MT4) — indicates trend direction, market volatility and trend strength in a separate window of the MetaTrader terminal. It is handy in many trading styles — long-term and scalping. Read the commentary in the code to learn using it (very easy).

TRO MultiPair (MT4) — a multiple timeframe indicator package for multiple currency pair. It shows as a separate terminal window with 3 indicating dots for each of 4 different currency pairs for each MetaTraer time period. Dots combinations serve as the entry signals. The more timeframes show the same combination the more accurate signal is. Red, red, magenta is used to enter short; green, green, cyan is used to enter long. You can select currency pairs via the input parameters. The timeframe and the currency pair of the chart, to which you attach this indicator don’t matter.

TzPivots (MT4) — daily pivot points indicator with an accurate and informative display. Trader has to set two input parameters: LocalTimeZone — time zone of the MT4/MT5 trading server (e.g. "-5" if it's New York time) and DestTimeZone — time zone of the session for which you want to calculate pivot points (e.g. "+9" for Tokyo trading session pivots).

Var Mov Avg (MT4, MT5) — indicator is based on the calculating of moving averages of the varying periods. It detects crosses that produce buy/sell signals as well as current trend indication. This indicator has a sound alert on signals, which can be turned on and off.

ZigZagOnParabolic (MT4) — improved version of the standard MetaTrader ZigZag indicator that is based on another MetaTrader standard indicator — Parabolic SAR. Detects chart extrema.

You want to share your own custom MetaTrader indicator for this page? Or do you have any comments/questions regarding any of indicators presented here? Please, visit our forum on MetaTrader Indicators.

Pivot Points Calculator

The presented pivot points calculator will generate pivot points in four different systems for you in seconds! Just fill the form below with the data for a previous period and press the "Calculate" button:

The floor pivot points, presented in the first column of the calculation results table, are the most basic and popular type of pivots used in Forex trading technical analysis. The pivot point is interpreted as the primary support/resistance level - the point at which the main trend will be born. First-third level resistance and support points serve as additional indicators of possible trend reversal or continuation. The rules to calculate floor pivot points are quite simple:

Pivot (P) = (H + L + C) / 3

Resistance (R1) = (2 X P) - L

R2 = P + H - L

R3 = H + 2 X (P - L)

Support (S1) = (2 X P) - H

S2 = P - H + L

S3 = L - 2 X (H - P)

Other popular method of calculating a simple TA indicator which helps trader to forecast future trend is Tom DeMark's pivot points. Which are not pivot points exactly, but predicted low and high of the period. To calculate DeMark's pivot points follow these rules:

If Close <>current Then X = H + 2 X L + C;

If Close > Open_current Then X = 2 X H + L + C;

If Close = Open_current Then X = H + L + 2 X C;

New High = X / 2 - L; New Low = X / 2 - H

Woodie's pivot points are similar to floor pivot points, but are calculated in a somewhat different way, giving more weight to the Close price of the previous period. Use the following rules to calculate Woodie's pivot points:

Pivot (P) = (H + L + 2 X C) / 4

Resistance (R1) = (2 X P) - L

R2 = P + H - L

Support (S1) = (2 X P) - H

S2 = P - H + L

Camarilla pivot points is a set of eight very probable levels which resemble support and resistance values for a current trend. The origin and the precise way to calculate these pivot points are unclear. The most important is that these pivot points work for all traders and help in setting the right stop-loss and take-profit orders. I use the following rules to calculate Camarilla pivot points:

R4 = (H - L) X 1.1 / 2 + C

R3 = (H - L) X 1.1 / 4 + C

R2 = (H - L) X 1.1 / 6 + C

R1 = (H - L) X 1.1 / 12 + C

S1 = C - (H - L) X 1.1 / 12

S2 = C - (H - L) X 1.1 / 6

S3 = C - (H - L) X 1.1 / 4

S4 = C - (H - L) X 1.1 / 2

You can find a history of the Camarilla pivot points method and some interesting examples of its usage in a short e-book entitled Camarilla Levels.

Pip Value Calculator

Use this pip value calculator if you want to know a price of a single pip for any Forex traded currency. Use this free Forex tool to calculate and plan your orders when dealing with many or exotic currency pairs. All you need to do is to fill the form below and press the "Calculate" button:

Although knowing the actual value of a pip in the U.S. dollars is trivial for such currency pairs as EUR/USD, GBP/USD, it is quite hard to tell the pip value for these currency pairs if your account is denominated in other currencies, or for any other pairs, which have a base currency other than your account is. These currency pairs also require the knowledge of the bid/ask price to convert the pip value to the account currency.