# Indicators Worth Using in FX



## cogs (21 August 2019)

I thought I might share some useful (MT4) indicators I have used (gathered) over the years, post them through from time to time.
The theory behind these indicators can be used in general, in any trading format, these just happen to be coded in MQL4.
I have since switched to CTrader which requires C# code, from time to time I still crack open MT4 on occasion.
They might even help traders develop new (profitable) techniques. Some may even be absurdly simple but may have not been used correctly. 

Daily Range Indicator


Every currency pair, index, commodity etc. either has an 'average daily range' or a unofficial daily range limit of travel.
It is not advisable to open a new daily position when the daily range is already at 90-100%. After all what is left to travel in the day?
There are caveats to this but as a general rule it just makes sense.
Many do not consider this, or even monitor or log it, just think they can't master trading.


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## cogs (4 September 2019)

This is another very useful daily range indicator.
Use it a few times and you soon get to understand daily range behaviors. Just like the above version quit for the day if 100% has been reached, the day is done!

I can't recall who I got this from but it was free. If you want to contact the developer I could probably point you in the right direction. I had the developer remove some bloat data to trim it down to the simple version shown below.


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## cogs (4 September 2019)

Weekly version.
There are several ways to interpret what happens, but it's best not to complicate it too much I find.


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## cogs (7 September 2019)

Here is another which helps determine what games are being played. ZigZag with Value Bars (freely available), originally coded by 'Sangmane' who seems to know his stuff.

After many years and testing I started to notice specific values occurring with price movements, not Fibonacci but more to do with market makers allowable tolerance, retail spread, gotcha moves. Basically false moves which can help to keep you out of the market. I have found these are mostly good for the Asian market session where often a false squeeze against intended direction happens daily, before London open.

I wont mention the values I have become aware of, it is up to you if you feel inclined to incorporate them.
I really only use one more proprietary code function (not really an indicator) (or two variants of) which I won't post here. Just about every other indicator I have encountered are a complete waste of time, and quite possibly intended to be that way.


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## cogs (21 September 2019)

Not an indicator but an indication.

Gaps.
Here's one XAGUSD, spike and temp gap fill. I hung onto this for historic value to watch it play out over time. Spike also pointing in the direction of future price direction. Because of the larger time frame most forget about them or do not scan for them.
Notice the data has since been altered to 'clean up' any obvious gaps.

I have no doubt the remaining will be dealt with also.


View attachment 97556





Dollar Yen


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