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ZIGZAG ZigZag is one of the oldest technical indicators that came to currency trading from the stock market. It allows traders to visualize the structure of the market. HOW IS THE ZIGZAG INDICATOR WORK? The main purpose of ZigZag is to filter out small and misleading price movements to focus on important swings and trends. ZigZag determines the most significant highs and lows of the price and connects them with straight lines ignoring small fluctuations. ZigZag is not trying to forecast the future price, it only helps to make sense of the past moves of the market. HOW TO IMPLEMENT To add the ZigZag indicator to a chart, click “Insert”, choose “Indicators” and then “Custom”. You will then be able to pick out “ZigZag”.The indicator has 3 parameters. They are depth, deviation, and backstep. Depth is the minimal number of candlesticks which won’t be regarded as a top/bottom if a top/bottom was already found using deviation. Deviation is the minimal distance (in %) between the highs and the lows of the 2 consecutive candlesticks that will make the indicator form a local top or bottom. Backstep is the minimal number of candlesticks between local highs or lows. Below you can see the default parameters for Zigzag in MetaTrader 4. You can adjust the figures making the indicator more/less sensitive to the changes in price. If you reduce the value of the parameters, the number of local highs and lows will increase. As a result, there will be more ZigZag lines on the chart. ADVANTAGES AND DISADVANTAGES It’s necessary to use the strong points of ZigZag while reducing the impact of its weak points on your trading. The main advantages of ZigZag are: It shows the most substantial movements of the price and takes the market noise away. It works on different timeframes. It produces good results when used together with other technical indicators. The drawbacks of ZigZag are: It will mark the latest high or low of the price with a time lag. The last st
BOLLINGER BANDS AS AN INDICATOR OF VOLATILITY The key feature of the BB is that the indicator's lines react to the market’s volatility: bands widen when the volatility is high (for example, when an important news release is out) and narrow when it declines. As a result, the Bollinger Bands help to notice the moment when the market switches from the calm to the active state. When the bands come closer to each other they tell us that we are trading in the non-volatile market and that a volatile period is looming on the horizon. As a result, it’s possible to expect a breakout of the recent range. You can see the example of this at the picture below: the bands compress and then the price breaks above the resistance and make big moves to the upside. During a trending market, if the bands widen, this points at the continuation of a trend. If they become narrow, this may signal that the trend is weakening and may soon reverse. TRADING A MOVE BEYOND THE OUTER BORDERS Usually, when the price goes beyond the outer Bollinger band, it signals the start or continuation of a trend. If the prices touch and break the upper BB, it’s an uptrend. If the price keeps attacking the lower BB, it’s a downtrend. Most often the price spends no more than 4 candlesticks beyond an outer Bollinger band. Then a correction takes place. Notice that when the market is trending the price can spend a great deal of time in the area/at one of the outer bands. TRADING A REVERSAL FROM THE OUTER BANDS The Bollinger bands can also act as an oscillator. When the price reaches the upper band, the asset is trading at a relatively high price and is considered overbought. When a price approaches the lower band, the asset is trading at a relatively low price and is considered oversold. It’s common knowledge that overbought and oversold conditions lead to a correction. However, if the trend is strong, the price can stay at the upper/lower Bollinger band or even beyond it without retracement for a pr
RENKO CHARTS JAPANESE CANDLESTICK CHART Renko chart got its name from the Japanese word “renga” which is translated as “brick”. The main difference between a Renko chart and an ordinary Japanese candlestick chart is that the Renko chart doesn’t take time into account. A Renko brick appears when the price covers a certain distance and it doesn’t matter how much time it takes. For example, if you choose 20 pips as the brick size, a brick will only form if the price moves 20 pips up or 20 pips down. Bullish and bearish bricks have different colors. Bricks are always equal in size. They never appear next to each other. Each following brick is painted at the 45-degree angle to the previous one. The bricks do not change once they are drawn. HOW TO IMPLEMENT Metatrader doesn’t have Renko charts in its default settings. As a result, you will need to download this tool from the Internet. It may come in the form of an indicator or an expert advisor. The indicator seems to be the most convenient option. Here’s what you should do: Download the indicator Download Renko Chart MT4. In MT4, click on “File” menu and choose “Open Data Folder”. Open the “MQL4″ folder and then click on “Indicators”. Paste the indicator into this folder. Restart MT4. Click “Insert”, then “Indicators”, choose “Custom” and then “LuckScout-Renko”. In the indicator’s settings, you choose the Renko brick size yourself depending on the asset’s volatility as well as the period of your trade. You can experiment with the brick size before you find the optimal one. Renko chart has the following advantages: It’s easy to read. It helps to diminish market noise. Indicators and experts can work better with Renko. Using Renko charts is usually recommended for short-term traders (scalpers). The signals from Renko on intraday timeframes are considered to be more efficient than those on the daily chart. No tool is perfect, so we should also explain the disadva
INTRODUCTION TO TECHNICAL INDICATORS The “splendors and miseries” of technical indicators Computers and information technologies allow traders to forecast the direction of prices without much effort. Technical indicators do all the donkey work for traders freeing them from the need to perform difficult mathematical and statistical calculations. In addition, they save the traders’ time for the market analysis. However, there is always a spoon of tar in a barrel of honey. We have to admit that technical indicators are not crystal balls; they do fail and result in losses. But if traders focus on highly reliable chart and candlestick patterns, apply several indicators for identification of the perfect entry and exit points, they will always be ahead of the game. So, we encourage you to use technical tools in your intraday trades not only because it’s handy, but also because they will help you to minimize the impact of emotions on the decision-making process. Trading gurus recommend applying at least 2 technical indicators to the chart to filter out false signals. Technical indicators work best in tandem, so you should open your positions when you notice that two indicators give you the same signal. At the same time, try not to be greedy and fall into the mistake of overanalyzing the market. The excessive use of technical indicators will do more harm than good, as you might lose the actual track of price movement and miss your profit opportunity. A stretch of traders’ imagination is boundless. They combine technical indicators with other analytical tools. A rule of thumb states that combinations of the chart analysis with the technical indicators are the most profitable. There are two main types of technical indicators: trend indicators and oscillators.
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THE DIFFERENCE BETWEEN MT4 AND MT5: ADVANTAGES AND DISADVANTAGES OF BOTH One of the frequently asked questions is what to choose – MetaTrader 4 or MetaTrader 5? A common misconception is that MT5 is an upgrade of MT4. This is not really true. MT4 is geared for Forex trading and also contains CFDs, whereas MT5 also provides traders with access to stocks. At the same time, it can be said that MetaTrader 5 offers a wider range of features. Let’s make a comparison. TIME FRAMES; MT5 offers a greater number of timeframes. For example, there are 11 different types of minute charts and 7 hourly timeframes. All in all, 9 timeframes are available in MT4 versus 21 timeframes in MT5. If you are keen on analyzing and trading multiple timeframes, consider MT5. PENDING ORDERS; MT4 has 4 types of pending orders: Buy Limit, Buy Stop, Sell Limit and Sell Stop. In MT5, there 2 additional orders: buy stop-limit and sell stop-limit. TECHNICAL ANALYSIS; MetaTrader 4 has 30 built-in indicators, over 2 000 free custom indicators and 700 paid ones, as well as 24 analytical objects. MT5 offers 38 technical indicators and 44 graphic objects, which are available for a comprehensive market analysis. It’s also possible to download additional indicators. All in all, both programs have a big variety of analytical tools. ECONOMIC CALENDAR; Unlike MT4, MT5 has a built-in economic calendar. To access it click “View” and choose “Toolbox”. SIMILARITY; Hedging, i.e. the ability to open multiple positions (buy and sell) at the same time for the same symbol, is allowed is both terminals. Both versions of the program allow traders to use automated, i.e. to develop, test and apply Expert Advisors (trading robots) and technical indicators. CONCLUSION; MetaTrader 4 is simpler to use and is the best choice for beginners who want to focus on the Forex market. It has become a standard for the industry and many traders like its interface. MetaTrader 5 can be the best choice for those who requ
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