April 21 (Fri): Nikkei 225 vs Bitcoin (Course: Recommended MT4 Indicators & EA)

Good morning☀

Today I will introduce the MT4 indicators and EAs I use.

That said, this is not one of those things that guarantees you’ll make money just by using this indicator.

Don’t expect too much, lol?

① An indicator that displays unrealized profit and loss on the chart

Note: The one I use is no longer sold, but there are many similar ones available.

This EA is very convenient.

You can instantly see your current unrealized profit and loss without opening the “Terminal” shown at the bottom of MT4.

Account: Do you look at pips or money?

https://www.gogojungle.co.jp/finance/navi/articles/52052

I wrote about this here as well, but I don’t look at the money.

So with this indicator, the chart shows unrealized profit or loss as 〇〇 pips, and that alone is enough, right?

Because when you open the terminal, the amount inevitably catches your eye, doesn’t it, lol

② 4-Color Candlestick

https://www.gogojungle.co.jp/tools/indicators/9191

This is something I used back when I traded with Heikin-Ashi a long time ago.

Sometimes when I post MT4 charts on Twitter, these strange candles appear and I cut them off lol (you’ll have questions, so I’ll explain).

The advantage of Heikin-Ashi is that the trend is easy to see!

But the disadvantage of Heikin-Ashi is that the open and close are hard to discern…?

I value the four price points: open, close, high, and low, so

I made a convenient indicator that uses only the color of Heikin-Ashi.

Light blue: CandlestickBullish+ Heikin-AshiBullish

Dark blue: CandlestickBearish+ Heikin-AshiBullish

Orange: CandlestickBullish+ Heikin-AshiBearish

Red: CandlestickBearish+ Heikin-AshiBearish

I have set it that way.

For those not used to it, it might be unclear lol

Now I mainly look at TradingView, so in MT4 it’s just displayed loosely lol

MT4 only opens when you place orders.

③ Pips_Ruler

https://www.fxnav.net/mt4navi/pips_ruler/

An indicator that shows the price movement from the current value in pips on the vertical axis.

The purple horizontal line is the current value, and it shows up and down in 10 pips steps (can be configured as you like). (Note: adjustable depending on the instrument and time frame displayed.)

④ An indicator that displays economic indicators

This is something I learned from a fellow member when I was a salon instructor, one of Oikawa’s genius charts (free).

I don’t pay attention to the timing of economic indicators at all lol

So I display it here just in case, but…

Well, I hardly look at it, really lol

⑤ SessionsEX

https://www.gogojungle.co.jp/tools/indicators/7654

This is a famous indicator, but

it displays the Asia (green), Europe (purple), and NY (blue) sessions on the chart.

Usually you can see activity in Europe and NY.

For day traders or those who backtest in MT4, indicators like this can be handy, right?

⑥ One-click close & Chart capture EA

Note: This is no longer sold, either?

It allows you to close multiple positions with one click.

This is an EA since it involves positions.

There was a chart capture as an accompanying feature, but there are indicators that do the same thing!

It’s convenient for saving charts, so give it a try?

What is truly needed now is

① An indicator that displays unrealized profit and loss on the chart

③ Pips_Ruler

⑥ One-click close & Chart capture EA

If possible, I’d add any other convenient indicators in the future as well?

However, adding indicators for trading methods won’t really add value, right?‍♂️

Many people, when there is a product claiming “use X method,” want to customize it and end up adding Xx indicator to try to improve accuracy.△△ Indicator might improve accuracy!

That kind of simplistic thinking.

I might sound nagging, but

Indicators are lagging indicators.

No matter how many indicators you add, accuracy doesn’t increase?‍♂️

Rather, adding lagging indicators to lagging indicators won’t raise accuracy…?

And you certainly won’t become able to catch reversals?

I do like convenient indicators, though?

But I’m repulsed by indicator-packed methods and products?

If you have any convenient indicators or EAs, why not try them?

(Note: The following is limited to members.)