The world of forex trading has extensively changed over the past few decades. Unlike stock exchange, the forex market operates 24/7. Thus, the brokers need to be attentive all the time and use the best strategy to augment the chances of their success.
To attain their smart trading goals, these traders use different indicators that help them make result-oriented decisions. These forex indicators give a deep insight into fluctuating market conditions.
Based on your particular requirements, you can either opt for free or commercial indicators. In this post, we'll be reviewing the best forex indicators for 2019 (commercial as well as free).
Free Forex Indicators
Stochastic Oscillator
Introduced back in the 1950s by George C. Lane, Stochastic Oscillator is one of the best free indicators available to the forex traders. This tool demonstrates the current market situation in connection with the market's highs and lows over a specific span of time. It aids traders in assessing the recent price action with respect to the previous statistics.
RSI
Relative Strength Index is yet another effective tool that is used by traders around the globe to determine the price spikes to the current market fluctuations. This indicator was introduced in 1978 by J. Welles Wilder. It is build up with a varying time limit that is usually established at 14 periods to portray Wilder's endorsed indicator limit.
The Moving Average Indicators (MAIs)
Such forex indicators are absolutely simple to use yet deliver effective results. Traders use moving averages in a variety of ways to assess prevailing market trends. Moreover, they also produce trading signals by conjointly using different averages.
%R Indicator
Forex indicators are generally used by seasoned traders. The word 'seasoned' here refers to individuals who spend 90% of their time in doing market research and just 10% doing real trades. %R indicator is generally used by traders to find out intense market conditions.
The MACD Indicator
The MACD was introduced by Gerald Appel and it is believed to be one of the best free indicators currently available in the market. This tool is an amalgam of trade signal line and histogram and is used to assess current market trends and response of prices over a specific time period.
Commercial Forex Indicators
Fibo Quantum Indicator
Fibo Quantum Indicator is certainly one of the best commercial forex indicators that is based on methodical laws. By using this tool, you will eventually be able to make consistent profits over the long period of time. This product is quite user-friendly and helps traders know when exactly to close their trade.
Infinity Scalper
Infinity Scalper is a great commercial indicator that is designed to optimize your trading business. The product lands with premium features and incorporates the latest technology that makes it an ideal pick for all types of traders.
APA Zones
Priced at $45-$158/month, APA Zones is one of the best resources that could be used to enhance your trading knowledge. The package includes educational videos and indicators that can be used to assess current supply and demand trends.
Rapid Trend Gainer
Rapid Trend Gainer as its name implies provides you with the most realistic and converting signals. This product is based on the most recent algorithms that can help brokers forecast price fluctuations and generates trade signals.
Free vs Commercial Forex Indicators
Just like any other product, the paid versions of the indicators come with premium features and additional support. However, none of these commercial products offer any sort of success guarantee. In order to pick a perfect product, you have to test it first. On the other hand, the free downloadable indicators are great if you've just set your foot in the forex market. Of course, you don't need to pay a penny and they still offer some great insights for the users.
The Verdict
If you're a seasoned trader and are not hesitant to spend a few extra bucks on recent technology, just go for the commercial indicators. They make use of the latest technology, send real-time notifications and can go a long way. If you're a new kid on the block, it's great to try out different free alternatives and pick the one that fits your trading style.