Traders who rely on the indicator method of market analysis will need the Gerchik indicator for MT5 when moving to a new trading platform.
MetaTrader 5 not only includes a standard set of trend indicators, oscillators, and Bill Williams tools but also offers additional Expert Advisors. These can be integrated into your trading strategy to receive more precise entry signals.
In this article, we’ll explore some of the most popular and effective indicators.
1. BB MACD
2. Scalping with Beginner
3. Level Indicators for MetaTrader 5
4. CCI Arrows for MT5
5. Can You Evaluate Volumes on MT5?
6. How to Install the Indicator on MT5
Among the best indicators for MT5, the BB MACD tool stands out. It was created by combining two powerful instruments: the well-known Bollinger Bands trend advisor and the MACD oscillator, merging their strengths into one.
When applied to a chart, BB MACD appears as green or purple dots that change color over time — this indicates the emergence of a trading signal in the market.
Two lines — red and blue by default — form a corridor, the width of which reflects the strength of the trading signal.
A wide corridor typically indicates high market volatility, while a narrow one signals a possible flat market or preparation for a strong impulse movement.
BB MACD also keeps a line from the oscillator, functioning like the central band in Bollinger Bands, shown as a dotted line for assessing the size of a standard deviation.
For greater accuracy, traders often couple the BB MACD with support and resistance levels to confirm reversal signals.
The default settings provided in the installation window are usually sufficient for effective work with this indicator.
If you prefer intraday trading, it's worth looking into MT5 indicators for scalping. One of the most popular tools is Beginner, a special indicator developed specifically for MetaTrader 5 and freely available online.
This indicator draws dots on the chart that correspond to price extremes, helping traders identify entry points:
Blue dots signal a short-term buy trade opportunity.
Red dots tell the scalper that there is a potential sell trade setup.
If you're searching for the most accurate MT5 indicator, keep in mind that the Beginner indicator works best when paired with a Moving Average (MA). For example, you can open trades only in the direction of the global trend.
Always keep an eye on the overall market picture. Use a daily timeframe to determine the main price trend and open trades in the same direction.
The Beginner indicator has several key components: AllBars defines the number of bars/candlesticks to analyze before generating a signal for a potential entry point. The Otstup filter cuts off a specific percentage of the studied sample.
The calculation of points is based on the per period parameter. In the indicator settings, it is set to 9 by default, but you can adjust it up or down depending on your strategy. This determines the number of candlesticks after which a signal point will appear on the chart.
Besides providing scalping signals, the Beginner indicator is also widely used for identifying support and resistance levels.
To trade using support and resistance lines, you can download a level indicator for MT5. One of the most popular tools in this category is the Support and Resistant tool. When added to the chart, it displays rows of red and blue rhombuses, marking key levels.
The indicator’s algorithm is based on Bill Williams' fractals and works with default settings. However, keep in mind one limitation: the levels are built using extreme prices (highs and lows), rather than opening and closing prices of the candlesticks, which are usually considered more reliable for market analysis.
Keep in mind that levels built on fractals can lag. That’s why it’s best to combine them with additional analysis tools, such as horizontal volumes or Price Action patterns, to increase accuracy.
At the same time, this lagging effect can actually work to your advantage. For example: Use the indicator levels to set stop-loss and take-profit orders — they’ll be placed slightly behind the extremes. To find precise entry points, combine Support and Resistant with technical analysis tools or another confirmation indicator.
When we talk about the best MT5 indicators, the CCI arrow indicator is definitely worth mentioning. It’s freely available online and serves a simple but important function: it signals when the standard CCI indicator crosses the zero level. At that moment, a blue or red arrow appears on the chart, showing the direction of the potential trade.
Traders praise the CCI arrow indicator for its high accuracy, which is why even beginners can use it.
The default period for this EA is set to 14, but you can adjust it to fit your trading strategy. Keep in mind: the higher the period, the greater the chance of false signals appearing.
CCI arrows comes especially in handy for tracking direct entry signals. That being said, always consider the overall market trend. Green arrows indicate buy signals, but they should be ignored during a downtrend. In an uptrend, a green arrow signals a chance to buy, while a red arrow marks the point to close a long position. For more reliable results, confirm CCI signals with trend indicators such as EMA (Exponential Moving Average) or Parabolic SAR. This will help you avoid trading against the main trend.
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For traders switching from MetaTrader 4 to MetaTrader 5, a common question arises: Does the new platform include a horizontal volume indicator? In MetaTrader 4, one of the top solutions is Real Market Volume, which uses data directly from CME sources.
MetaTrader 5 doesn’t offer free indicators for horizontal volumes. However, there are paid expert advisors available that you can download and install. One of these is VolumesHist. It displays historical volume data that can be used to identify strong support and resistance levels, helping traders make more informed decisions.
MetaTrader 5 comes with a solid selection of built-in indicators for basic analysis. If the tool you need isn’t included, you can easily download and install it. Here’s how:
1. After downloading the indicator archive from the internet, unzip it.
2. Locate the file with the .ex5 extension and copy it to the trading platform’s database. If there’s also an .mq5 file, copy that as well.
3. Open the data directory in MetaTrader 5.
4. Navigate to the MQL5 folder, then Indicators, and paste the files there.
5. Go to the “Advisors” tab and enable Automatic Trading and DLL Import by checking the relevant boxes.
6. Restart MetaTrader 5. You’ll now find your new indicator under the Indicators → Custom section.
You can download MetaTrader 5 on the broker’s website or in your personal account
Now that your indicator is installed and set up in MetaTrader 5, you can start using it to make more carefully considered trading decisions. The Beginner indicator, like any other tool, works best when it is a part of a comprehensive market analysis strategy. Keep learning, keep a close eye on the market trends, and always factor in risks. Successful trading takes patience, discipline, and consistent practice. Good luck with your trades!
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