Forex Tools

Forex Tools

The presented Forex tools can assist you both in technical analysis and money management which will greatly enhance your trading results. All these online Forex tools are totally free and can be used at no cost:

MT4 Expert Advisors — Download free expert advisors for a Metatrader 4 trading platform. Test and use these EAs to empower your automated Forex trading and also to help the developing of your own Metatrader expert advisor or Forex strategy.

Here you can download MT4 expert advisors which can be used with the MetaTrader Forex trading platform to enhance your currency trading results combining it with the automated trading or expert advising. Only best strategies embedded into expert advisors are presented here. You can test and change them freely before using on your real or demo Forex account. My own testing results are also included for your information. All expert advisors were selected to bring at least 10% yearly profit with maximum drawdown not higher than half of the yearly profit.

If you are having any problems with installing the MetaTrader expert advisors into your MT4 platform, pelase refer to this tutorial:

MetaTrader Expert Advisors User's Tutorial

If you want to achive a better backtesting quality for your expert advisor, please read this tutorial on importing and converting quality historical data to the MetaTrader 4 platform:

MetaTrader History Data Importing and Converting Tutorial for Quality Backtesting






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Forex VPS Hosting

VPS (Virtual Private Server) hosting allows the Forex traders to use the virtual environment on the hosting company's servers to run the MetaTrader expert advisors non-stop 24 hours a day, 7 days a week. The VPS is always on-line, it won't reboot during the trading week, it's not affected by the power outages and you don't need to worry about keeping your PC always on. If you want to run your expert advisors continuously without the unplanned interruptions then Forex VPS hosting for MetaTrader is what you really need. The purpose of the list presented below is to help traders in finding the best VPS hosting for MetaTrader 4 expert advisors. Here's the list of the on-line companies that offer Forex hosting service via VPS:



MT4 Forex Indicators — Free downloads of the MetaTrader indicators for a Metatrader 4 trading platform. You can use these indicators to improve your Forex trading strategy or develop your own MetaTrader 4 expert advisors.

At this page you can freely download MT4 Forex indicators that can be attached to the MetaTrader Forex trading platform to boost your Forex trading performance. You can develop your own Forex trading strategies using these indicators, or you can simply follow them as the trading signals. Feel free to implement any of these indicators into a custom MetaTrader expert advisor. You can change these indicators freely before using on your Forex trading accounts.

If you have any problems with installing or using these indicators, please refer to this tutorial:

MetaTrader Indicators User's Tutorial

You can also discuss these indicators and suggest your updates for them on the special indicators forums.

Aroon Up & Down — this MetaTrader indicator is based on finding the maximums/minimums of the period and doesn't use standard MT4 indicators. It is a separate window indicator with 2 charting lines. I find it useful to determine the trend changes. (Download zipped indicator)

BB MACD — a MACD variation custom MT indicator, based on moving averages and standard deviation indicator. It can be used to determine trend starts/ends as well as the trend strength (the broader is the gap between two bands, the stronger is the current trend). (Download zipped indicator)

BMA — a moving average indicator version that saves the traditional MT4 moving average functionality but adds two bands to the standard line. These bands are placed (by default) 2% below and 2% above the main line and serve as the strong pull-back levels. (Download zipped indicator)

Beginner — this one shows up trend extremes (max and min) which can be treated as the support and resistance points and help you understand current trend channels. It is a simple indicator that uses some period to find the highest and the lowest points and mark them with the dots. It can be a good base for your own range breakout expert advisor. (Download zipped indicator)

Float — this MetaTrader indicator scans the latest trends and tries to apply the data to the current rate, showing a trend start/end in a separate window. It also shows Fibonacci retracement levels on the main chart window. (Download zipped indicator)

Laguerre — a separate window indicator with one line signaling short and long positions, when it crosses the upper band from above or lower band from below, respectively. (Download zipped indicator)

Murrey Math Line X — another kind of pivot points given in form of lines displayed on the main chart. It uses Murrey Math rules to calculate the lines’ position. Lines are shown for the current period and represent the support and resistance levels. (Download zipped indicator)

Pattern Recognition Master — an indicator for the automatic Japanese candlestick patterns recognition. It marks each candle, which fits any pattern, with the special code that represents the appropriate candlestick pattern. The legend for the patterns and the corresponding symbols is also attached to the chart with this indicator. (Download zipped indicator)

RSIOMA — this indicator is composed of the two RSI's (Relative Strength Index) of the moving averages. The cross of the RSI's mean the change of the trend - when bold one is above it is an uptrend, when thin one is above it is a downtrend. (Download zipped indicator)

Support and Resistance — as the name suggests, this indicators shows the levels of support and resistance directly on the chart. It uses standard MT4 Fractal indicator and does quite well in depicting the good levels for the next stop-loss and target-profit prices. (Download zipped indicator)

Trade Assistant — a multi-timeframe indicator that analyzes the market conditions on timeframes from M5 to D1 using the Stochastic Oscillator, RSI and CCI standard indicators. The output is the set of buy or sell signalls displayed as a table below the chart. It's very easy indicator to trade using both small and large timeframes. (Download zipped indicator)

Traders Dynamic Index — indicates trend direction, market volatility and trend strength in a separate window of the MetaTrader terminal. It is handy in many trading styles — long-term and scalping. Read the commentary in the code to learn using it (very easy). (Download zipped indicator)

TRO MultiPair — a multiple timeframe indicator package for multiple currency pair. It shows as a separate terminal window with 3 indicating dots for each of 4 different currency pairs for each MT4 time period. Dots combinations serve as the entry signals. The more timeframes show the same combination the more accurate signal is. Red, red, magenta is used to enter short; green, green, cyan is used to enter long. You can select currency pairs via the input parameters. The timeframe and the currency pair of the chart, to which you attach this indicator don’t matter.

TzPivots — daily pivot points indicator with an accurate and informative display. Trader has to set two input parameters: LocalTimeZone — time zone of the MT4 trading server (e.g. "-5" if it's New York time) and DestTimeZone — time zone of the session for which you want to calculate pivot points (e.g. "+9" for Tokyo trading session pivots). (Download zipped indicator)

Var Mov Avg — indicator is based on the calculating of moving averages of the varying periods. It detects crosses that produce buy/sell signals as well as current trend indication. This indicator has a sound alert on signals, which can be turned on and off. (Download zipped indicator)

You want to share your own custom MetaTrader indicator for this page? Or do you have any comments/questions regarding any of indicators presented here? If so, please contact me.

Pivot Points Calculator — Four online web based pivot points calculators will help you to generate pivot points for any given time period. Pivot points are used to as the most important market trend points, where trend can meet support or resistance and actually change its course. Floor, Tom Demark's, Woodie's and Camarilla pivot points building rules are available with this free calculator. You don't need to download any software, just fill the form and get instant pivot point, resistance and support levels.

Pivot Points Calculator

The presented pivot points calculator will generate pivot points in four different systems for you in seconds! Just fill the form below with the data for a previous period and press the "Calculate" button:

High price:
Low price:
Close price:
Current Open price:*
* For DeMark's pivot points.

Results:

Floor Pivot Points Woodie's Pivot Points Camarilla Pivot Points DeMark's Pivot Points
4th Resistance =
3rd Resistance =
2nd Resistance =
1st Resistance =
Pivot Point =
1st Support =
2nd Support =
3rd Support =
4th Support =

The floor pivot points, presented in the first column of the calculation results table, are the most basic and popular type of pivots used in Forex trading technical analysis. The pivot point is interpreted as the primary support/resistance level - the point at which the main trend will be born. First-third level resistance and support points serve as additional indicators of possible trend reversal or continuation. The rules to calculate floor pivot points are quite simple:

Pivot (P) = (H + L + C) / 3

Resistance (R1) = (2 X P) - L

R2 = P + H - L

R3 = H + 2 X (P - L)

Support (S1) = (2 X P) - H

S2 = P - H + L

S3 = L - 2 X (H - P)

Other popular method of calculating a simple TA indicator which helps trader to forecast future trend is Tom DeMark's pivot points. Which are not pivot points exactly, but predicted low and high of the period. To calculate DeMark's pivot points follow these rules:

If Close < Opencurrent Then X = H + 2 X L + C;

If Close > Opencurrent Then X = 2 X H + L + C;

If Close = Opencurrent Then X = H + L + 2 X C;

New High = X / 2 - L; New Low = X / 2 - H

Woodie's pivot points are similar to floor pivot points, but are calculated in a somewhat different way, giving more weight to the Close price of the previous period. Use the following rules to calculate Woodie's pivot points:

Pivot (P) = (H + L + 2 X C) / 4

Resistance (R1) = (2 X P) - L

R2 = P + H - L

Support (S1) = (2 X P) - H

S2 = P - H + L

Camarilla pivot points is a set of eight very probable levels which resemble support and resistance values for a current trend. The origin and the precise way to calculate these pivot points are unclear. The most important is that these pivot points work for all traders and help in setting the right stop-loss and take-profit orders. I use the following rules to calculate Camarilla pivot points:

R4 = (H - L) X 1.1 / 2 + C

R3 = (H - L) X 1.1 / 4 + C

R2 = (H - L) X 1.1 / 6 + C

R1 = (H - L) X 1.1 / 12 + C

S1 = C - (H - L) X 1.1 / 12

S2 = C - (H - L) X 1.1 / 6

S3 = C - (H - L) X 1.1 / 4

S4 = C - (H - L) X 1.1 / 2

You can find a history of the Camarilla pivot points method and some interesting examples of its usage in a short e-book entitled Camarilla Levels.

Fibonacci Calculator

The presented Fibonacci calculator will help you to generate four basic Fibonacci retracement values - 23.8%, 38.2%, 50% and 61.8%. All you need to do is to fill the current trend's highest and lowest values into the form below and press the "Calculate" button:

High price:
Low price:

Direct Reverse
100,0% Retracement Value:
61,8% Retracement Value:
50,0% Retracement Value:
38,2% Retracement Value:
23,6% Retracement Value:
0,0% Retracement Value:

Fibonacci retracement levels is a powerful Forex tool of a technical analysis. The main idea behind these levels is the support and resistance values for a currency pair trend at which the most important breaks or bounces can appear. It is recommended to set your stop-loss, take-profit as well as stop and limit orders at these levels or around their values. This Fibonacci calculator will organize your currency trading experience and will allow you to be in the market full-time.

Pip Value Calculator

Use this pip value calculator if you want to know a price of a single pip for any Forex traded currency. Use this free Forex tool to calculate and plan your orders when dealing with many or exotic currency pairs. All you need to do is to fill the form below and press the "Calculate" button:
Account Currency:
Currency pair:
Position size, units:
Ask price (optional):


Results:
Price of pip:

Although knowing the actual value of a pip in the U.S. dollars is trivial for such currency pairs as EUR/USD, GBP/USD, it is quite hard to tell the pip value for these currency pairs if your account is denominated in other currencies, or for any other pairs, which have a base currency other than your account is. These currency pairs also require the knowledge of the bid/ask price to convert the pip value to the account currency.

Position Size Calculator

Position size calculator — free Forex tool that lets you to calculate the size of the position in units and lots to accurately manage your risks. It works with all major currency pairs and crosses. It requires the minimum input values, but allows you to tune it finely to your specific needs. All you need to do is to fill the form below and press the "Calculate" button:
Account Currency:
Account Size:
Account Leverage: 1:
Risk Ratio, %:
Money, USD:

Stop-Loss, pips:
Currency pair:
Ask price (optional):


Results:
Money, USD:
Risk Ratio, %:

Units:
Lots:

Calculating the amount you can risk is very important if you carefully follow money management strategy. I advice using it every time you manually open a new Forex position. It will take a minute of your time, but it will also save you from losing money you don’t want to lose. Position size calculation is also a first step to the organized Forex trading, which in its turn is definite property of the professional Forex trader.

Importance of the thorough position size calculation is stressed out in many influent Forex books. Sizing a position should be done in line with setting the right stop-loss and take-profit levels. And it’s hard to lose all the account’s money if you manage risk and position size every time you enter the Forex market.


Risk and Reward Forex Calculator

The risk and reward calculator will help you to calculate the position's best targets and their respective reward-to-risk ratios based on the Fibonacci retracements from the local peak and bottom. It's a powerful tool to determine the potential risks before entering any positions.

The price needs to be inside the wave for you to use this calculator properly. Here are the two variants of the wave you can work with — bullish and bearish:
ABC Waves

The current price is C; A is the beginning of the wave (bottom for bullish and peak for bearish); B is the local maximum (for bullish wave) or minimum (for bearish wave).

Fibonacci retracements (0.382 and 0.618) are calculated to form the entry, target and stop-loss levels. It's better to enter positions only if the current price (C) is close to 0.382 Fibonacci level.
Price A:
Price B:
Price C:

Results:
0.382 Retracement:
0.618 Retracement:

1st Target:
2nd Target:
3rd Target:

Risk Reward Ratio
1st Target:
2nd Target:
3rd Target:

It's not recommended to enter a trade if your reward-to-risk ratio is less than 2.