Best Free Indicators for MT4 You Can Start Using Today
MetaTrader—especially MetaTrader 4 (MT4)—is the most trusted platform in the world of forex trading. It’s known for its speed, flexibility, and rich set of tools that let traders make better decisions. And at the heart of those tools? Indicators.
Indicators act like your trading assistants. They help you analyse price trends, identify turning points, and make data-driven trades. If you’re a beginner, this guide will walk you through everything you need to know about the best free MetaTrader indicators, how to install them, and how to use them across desktop and Android.
Whether you’re just starting with MetaTrader 4 for beginners or you’re exploring the MT5 vs MT4 differences, this blog will give you everything you need.
Why MetaTrader Indicators Matter
Indicators are essential tools in any trader’s toolkit. They use historical price data and mathematical formulas to reveal market patterns, strengths, and potential reversals.
MetaTrader allows you to use both built-in and custom indicators—most of which are available for free. This is one of the key reasons MetaTrader is the go-to choice for traders worldwide.
But it’s not just about installing every indicator you see. The real magic is in picking the right ones—and learning how to use them effectively.
7 Best Free Indicators for MetaTrader 4
Here are the best-performing free indicators that every MetaTrader user, especially those new to the platform, should consider using right away.
1. MACD – Moving Average Convergence Divergence
MACD is one of the most popular momentum indicators available. It shows the relationship between two moving averages and helps you spot trend direction, potential entries, and exits.
You’ll see a MACD line, a signal line, and a histogram. When the MACD crosses above the signal line, it often indicates a buy signal. When it crosses below, that’s a potential sell.
This indicator is great when the market is trending, and it can be used on multiple timeframes for added confirmation.
2. RSI – Relative Strength Index
The RSI is an easy-to-read oscillator that moves between 0 and 100. For example, if EUR/USD’s RSI hits 80, that could be a sign the price is too high and might pull back. If it drops to 20, the opposite could happen.
This is one of the simplest yet most effective free MetaTrader indicators for beginners.
3. Bollinger Bands
Bollinger Bands consist of a moving average and two bands plotted above and below the moving average, representing standard deviations.
The bands will expand during periods of volatility and contract during calmer periods. When price touches the upper or lower band, a reversal could be on the horizon.
They’re great for range trading and spotting breakouts. Many traders combine them with RSI or MACD for better accuracy.
4. Stochastic Oscillator
The Stochastic Oscillator compares a current closing price to a range of prices over time. It works well in sideways markets and helps you detect potential reversals.
If both lines in the indicator cross above 80, it’s an overbought signal. If they cross below 20, it suggests the market might be oversold.
This is one of the best free MetaTrader indicators for short-term traders and scalpers.
5. Fibonacci Retracement
They help traders spot areas where the market may retrace before continuing in its original direction.
The most common levels are 38.2%, 50%, and 61.8%.
Use it after a strong price move to find logical entry points. Many traders wait for a pullback to these levels before entering.
6. ADX – Average Directional Index
ADX doesn’t show the trend’s direction—it tells you how strong it is.
A reading above 25 signals a strong trend. Below 20 means weak or ranging markets.
It’s best used with trend indicators like moving averages. That way, you can trade only when the trend is strong enough to justify it.
7. Ichimoku Cloud
Ichimoku may look complex at first, but it gives a complete picture: trend, support/resistance, and momentum.
The cloud (Kumo) shows future support/resistance. The Tenkan and Kijun lines act like moving averages. The Chikou Span helps confirm trades.
Ichimoku is widely used in swing trading strategies. If you’re past the beginner stage, this tool is worth learning deeply.
Bonus Indicators to Explore
If you’re feeling confident, explore these additional free MetaTrader indicators:
- ATR (Average True Range): Helps you manage risk by showing how much the price typically moves.
- Pivot Points: Great for intraday trading and finding support/resistance levels.
- CCI (Commodity Channel Index): Works well for spotting reversals and divergence patterns.
All of these are available for free download on trusted MetaTrader forums and broker websites.
How to Use MetaTrader on Android
Trading on the go is easy with MetaTrader’s Android app.
Here’s how to get started:
- Go to Google Play and download MetaTrader 4.
- Open the app and log in with your broker credentials.
- Tap “Quotes” to view price feeds.
- Select a symbol and open a chart.
- Tap the ‘f’ icon to add indicators.
- Use the “Trade” tab to place or manage trades.
It’s that simple. Many traders rely on the app to stay connected when they’re away from their desks.
MT5 vs MT4 Differences – Should You Upgrade?
While MT5 is newer, it’s not necessarily better for everyone. Here’s how the platforms compare:
MetaTrader 4 (MT4) is perfect for forex traders. It supports thousands of free indicators, Expert Advisors, and has a huge community.
MetaTrader 5 (MT5) supports more asset classes like stocks, crypto, and futures. It offers an economic calendar and faster backtesting.
If you’re just starting, MT4 is ideal. If you’re a multi-asset trader or need more tools, MT5 is worth trying.
No matter your choice, you can still use the best brokers for MetaTrader 5 and MT4 to get access to quality trading conditions and support.
Is Automated Trading on MetaTrader Safe?
Yes—if done responsibly. MetaTrader supports automated trading through Expert Advisors (EAs). These are scripts that can trade for you based on the rules you set.
Many free MetaTrader indicators can be used with EAs. However, never rely blindly on automation. Always backtest, optimize, and monitor performance.
Some tips:
- Test on a demo account first.
- Use small lot sizes when going live.
- Avoid over-optimisation.
- Don’t run too many EAs at once.
When used wisely, automated trading on MetaTrader can help you save time and trade more efficiently.
Conclusion
MetaTrader gives you everything you need to trade confidently. And when you combine that with powerful—but—free indicators, you’re building a strategy based on precision and logic.
Whether you’re using MetaTrader 4 for beginners or you’re exploring automated trading on MetaTrader, the journey starts with learning your tools.
Experiment with combinations like MACD + RSI or Bollinger Bands + Fibonacci to find what suits your style.
MetaTrader isn’t just a platform—it’s your edge. And with the best free MetaTrader indicators, that edge becomes sharper with every trade.
