By now we are all aware that 97% of Forex EAs are well made ripoffs But occasionally a new expert advisor is released which would be worth a test, and quite few of these at the end make any profits.
Nevertheless, apart from Ea’s, that basically trade automatically even while you are asleep, there are also other programs known as Indicators that give great help to the forex trader.
Metatrader trading platform comes with a variety of readymade Indicators like the Moving Average, ADX and other typical indicators. These indicators are vital and there are several trading systems based on a combination of these indicators.
Further to these standard indicators that are readily available with any trading platform and not just Metatrader, you will find other indicators custom made based on a specific trading system. These indicators basically alert the trader that there’s a probable forex trader entry. Then it is up to the trader to place the trade manually after examining the charts.
These are just like an Ea with the difference that no trade is placed. It is to the discretion of the currency trader to place a trade. For example, Pips 4 Idiots is a forex trader indicator that alerts the currency trader on possible Buy or Sell entry signals.
Do this kind of indicators help the trader in some way or another? Definitely. If your trading system uses specific entry rules, than an indicator will continually analyse the market for such entry conditions. If an entry rule is detected, the trader is alerted usually by beeps. This will save the currency trader time, since he doesn’t need to monitor the market all of the time.
If you have a trading system with mechanical entry rules, then Metatrader programmer can develop an indicator like Pips 4 You for you, thus will save you hours and hours of staring at the charts.
