MetaTrader 5 (MT5) Indicators and Add-Ons:
Enhance Your Trading Experience

MetaTrader 5 (MT5) Indicators

MT5 indicators are some of the most important tools for those who prefer to trade based on technical analysis rather than fundamental analysis. Instead of basing your trading angles on news and data from statements and press releases, technical analysis focuses solely on the recent (and past) behaviour of the markets you wish to trade.

There are several types of indicators you can overlay onto your MT5 trading charts. Below, we'll explore the most popular in-built indicators at your fingertips within the MT5 trading platform:

Fractal Adaptive Moving Average

This moving average indicator is designed to be more responsive than its predecessors. The Fractal Adaptive Moving Average (FRAMA) indicator works dynamically, underpinned by market fractal geometry. The theory is that this type of moving average filters out short-term volatility and improves general trend direction.

Bollinger Bands

Named after a man named John Bollinger, Bollinger Bands feature a moving average and two lines set at two standard deviations above and below the moving average. You can expect price volatility when the bands are wide apart from the moving average. An asset's price is often more stable when the bands are narrowed.

Ichimoku Cloud

If you want to use MT5 trading software to spot current and future price trends, an Ichimoku Cloud, also known as an Ichimoku Kinko Hyo, is a suitable trading indicator. This multifaceted indicator can display likely support and resistance levels, price momentum, and trend direction. A “cloud” is formed when the various levels and trends converge.

Downloadable Indicators

While MT5 offers a robust set of built-in tools, some advanced indicators require manual installation. Below are two highly regarded indicators that users can download and integrate into their trading strategies:

Volume Profile

The Volume Profile indicator highlights trading volume at specific price levels, helping traders identify key support and resistance zones. It reveals high-volume areas, which indicate price stability, and low-volume areas, where price breakouts are more likely. As this indicator is not built into MT5, users need to download and install it manually.

Half Trend Buy and Sell

This indicator helps traders capture smaller profits from trends by using an average line to signal market direction. A price above the line suggests a bullish trend, while a price below it indicates a bearish trend. Like the Volume Profile, it requires manual download and installation in MT5.

These indicators can enhance trading precision and provide deeper market insights when added to the MT5 platform.

MetaTrader 5 Add-Ons

The open-source nature of MT5 means that developers are always releasing new add-ons and plugins to add an extra dimension to the platform's capabilities. Once you're familiar with MT5's standard functionality and indicators, you may want the software to work harder for you beyond the built-in features.

Below, we'll explain the types of add-ons you can get your hands on within the MT5 community:

Algorithmic Trading Bots

Automate your trades by enacting trading “bots” which execute trades on the forex and exchange markets based on various real-time indicators and signals. You can purchase trading bots as add-ons to maintain your trading activity and risk management, even when you're away from your trading screens.

Bots are effective add-ons for MT5 as they remove the effects of human emotion from your trading.

Advanced Order Management

Advanced order management tools can also prove highly effective as you gain experience and confidence with trading the markets. These plugins can provide a top-down view of all your active trades and even allow you to manage your positions within a couple of slicks or taps of a screen. It could be a partial take-profit order or even a partial stop-loss order to curb your potential losses – anything you need to mitigate the risk to your trading bank.

Platform Customisation

The MT5 trading platform gives you a multitude of settings to help you customise your trading experience. A quick glance at the “Options” tab within the Tools menu shows several settings at your disposal to tweak.

You can set the common settings of trading charts, enable and disable Expert Advisors (automated bots) and import external bot functions, send push notifications to your mobile device about open positions while trading and so much more. With MT5, you can trade the markets your way.

Analytical Objects

Within MT5's trading platform, you can access upwards of 46 analytical objects to help spot trends and support/resistance levels. Whether it's geometric shapes, Fibonacci tools or arrows to mark important areas on a trading chart, you can choose your preferred analytical objects within the “Insert” tab of the MT5 platform.

Market Sentiment Packs

You can also download and install external plugins which will provide dedicated indicators on market sentiment using real-time market data. There are free and paid-for add-ons available. You've got the freedom to test all kinds of plugins and products to find one that makes your trading angles as clear as possible.