Nadia Jenkins

In the business of currency trading, using a Forex indicators free download, along with a solid trading strategy, could be the difference between earning consistent profits and falling flat on your face. In this article, we examine a selection of the best free and free-to-try indicators that have been designed to improve your chances of making a profit in the market, while we explain just why you should be using them for all your trades.

Psych Indicator

The Psych Indicator can be easily applied to candlestick charts. It has a bottom panel with an oscillator, providing a graphical illustration of the mid points and extremes of the market’s psychology or sentiment. When the oscillator shows readings that are above 80 and below 20, it suggests extremes in the psychology of market participants, potentially providing a turning point in price action.

There are also arrow alerts that the indicator shows on the price chart. The appearance of the arrows shows an emerging psychological pattern, giving a high probability that the market will follow the direction shown by the arrow.

LFX Order Flow

Other important indicators free download is the LFX Order Flow indicator, which builds a graphical illustration of the order flow position, with regard to larger market participants. This indicator creates this picture in two ways: Primarily, there is an arrow alert which lets you know whenever there is a change in flow – a green arrow shows buying pressure and red indicates selling pressure.

Another aspect of this indicator is that the dot and shading representation on the price charts serve as a filter or continuous confirmation. Once a green arrow appears, to indicate buying pressure, and the next candle then confirms the current order flow, a dot is printed under the candle, while a shaded region appears around the candle. This helps traders to easily track price trends in the market.

Pin Bar Indicator

This indicator automatically highlights pin bars on your price chart. It is a neat and simple to read visual aid that marks entry points, reward targets and stop losses automatically. The indicator scans the money markets for pin bars continuously, saving you the hassle and inconvenience of having to spend hours studying trading screens and it also ensures that you do not miss any potentially profitable trades.

What makes it one of the best indicators free downloads is that it is fully customizable, allowing you to find and set up parameters for optimum pin bars. It combines brilliantly with several other indicators to give you setups with a high probability of success. It also provides highly accurate signals across all time frames.

COT Indicator

The COT indicator automatically downloads the CFTC’s weekly COT (Commitments of Traders) data. It then outputs a clear and easy-to-read measure of the market position as well as current and historical mapping of market participants. This indicator is a popular choice for many corporate investors and hedge funds.

It features six panels which track different trading parameters:

• Index: This is a normal stochastic for net positions
• Strength: An indicator of the strength of movements in overall positions.
• Momentum: The difference between the current index and the index six periods prior.
• Net Position: Shows positions of commercial, non-commercial and speculative market operators.
• WILLCO: An adjusted index measure for easier reading
• Open Interest: The number of current open positions.

Zig Zag Support and Resistance Indicator

Although it is not strictly an indicator by definition, the Zig Zag Support/Resistance tool can be used to filter out small price actions. It does this through determining levels of support or resistance and typical chart patterns, such as double tops or double bottoms, in addition to price trends.

This indicator uses both swing highs and swing lows. A swing high occurs when a price (usually the close) is higher than it was previously and afterwards. On the other hand, when the price is lower than both the price after it and that preceding it, it is termed a swing low.

However, this indicator should be used to complement other tools instead of being the central point of your trading strategy.

To download indicators click here.