MetaTrader 4, or MT4, is a wonderful trading platform, but there is so much in it that you cannot unlock with the stock plugins and add-ons. Like any other musician enhances his performance with an effect or even more instruments, a trader can optimize strategy by automation of tasks as well as step forward in making proper decisions with MT4 plugins. Here’s a look at some of the best MT4 plugins to elevate your trading.
1. AutoChartist: Automated Pattern Recognition
AutoChartist is an automated pattern recognizer that finds all essential chart patterns, including triangles, channels, and head-and-shoulders. This is almost like having a coach sitting on the sidelines, alerting you to emerging trends real-time. This add-on facilitates the identification of setups that most probably have a high probability of occurring without analyzing each chart by hand.
2. Copy Trades Automatically Trade Copier
The Trade Copier is considered a potent tool that means the ability to copy a master account’s trades automatically. It’s a fantastic utility for the beginner or someone looking to follow an experienced trader’s strategy. Consider it as training with a pro, getting the opportunity to learn by observing and executing successful trades.
3. SteadyTrend: Trend Finding Tool
However, one of the most important elements in successful trading is the identification of trends. SteadyTrend helps in identifying the trend in a market, by technical indicators and algorithms, thereby clearly indicating whether the market is presently in a short-term, medium-term, or long-term trend. As a musician keeps time with rhythm, so a trader with SteadyTrend keeps time with the rhythm of the market.
4. Pivot Point Indicator: All Important Levels Fit on One Screen
Pivot points are one of the factors that determine a place of support and resistance. The Pivot Point Indicator plug-in automatically calculates all the most important levels with an enormous time-saving effort. It’s a superb tool for day-trading and swing-trading since you can foresee a price reversal together with entry/exit points without having to draw those levels manually on the chart.
5. ZigZag Indicator: Shows Location of Price Reversals
The ZigZag Indicator identifies price reversals that are a fundamental part of timing trades. Like forecasting what the next step is of an opponent in a game of chess, the ZigZag plugin indicates those important price movements that signal the market’s turning point.
6. News Trader: Automation of News-Driven Trades
News trading provides markets with highly sensitivity information that causes significant volatility in market patterns. News Trader is one of the plugins, which represents a fully automated kind of the trade executed at the moment of releases of major economic news, such as interest rate decisions or employment reports. It is as if an assistant who deals instantly when most critical news unfolds, providing an opportunity for a trader to profit from market-moving events without intervening manually.
7. Trading Sessions: Refine Trading Time
Determining your trading hours helps you time your trades better. The Trading Sessions plugin helps show the opening and closing hours of key markets, including London, New York, and Tokyo. This plugin can help the trader fine-tune his or her strategies to pay for high-volume trading activities so that no opportunity is missed.
8. Risk Management Plugin: Capital Protection
Only by proper risk management can you be positive of the long-term success of your trading. The Risk Management Plugin allows you to specify rules to minimize how much of a loss is possible, resize positions based on the balance in the account, and protect capital from unacceptable risks with a form of safety net to ensure all your trades are always made within safe risk levels.
MetaTrader 4 add-ons are quite powerful and will help one raise his trading strategy. One can point trends, use trades automatically, or even improve his risk management with the right kind of add-ons to be able to execute more precisely with confident trades. With these into the trading routine, one may take it on to the next level and even become a professional trader.
