There are many different indicators you can use to trade Gold.
This post goes through how you can trade Gold using some of the best free MT4 and MT5 Gold indicators.
NOTE: Want a full list of some of the best free MT4 and MT5 indicators you can use in your trading? You can get them below.
Table of Contents
What is a Gold Indicator
There are many indicators you can use to trade Gold successfully.
When trading Gold, you will often want to know when the price is in a strong trend and the times when the price is overbought or oversold.
You can use two indicators to find these things out: the relative strength index and moving averages.
Moving averages are generally used to find when the price is trending, but they can also be used as dynamic support and resistance levels.
Traders will most commonly use multiple moving averages, one faster period moving average and one slower.
When the faster-moving average, for example, the 21 period moving average, starts to move above or below the slower moving average, for example, 50 period, you can identify when the price is in a trend.
For example, if the 21 period moving average moves higher above the 50 period and the two start to widen, then it is thought that price is in a strong trend higher.
Relative Strength Index:
The relative strength index or the RSI is an indicator that can help you find when a market is overbought or oversold.
When you add the RSI indicator to your chart, you will see an oscillator.
This oscillator moves between the values of 0 and 100. When you start to see values over 70, it is thought that the price is overbought.
On the other hand, when you start to see values that move below 30, it is thought that the price is oversold.
You can then use this information to find high-probability trades.
Gold Indicator for MT4
While you can use many technical indicators to trade Gold, some indicators have been specifically designed to trade Gold on the MT4 and MT5 platforms.
One of these indicators is the ‘Gold Eagle EA.’
This indicator you can find over at MQL5 is an expert advisor that will help you trade Gold (XAUUSD).
This trend scalping indicator uses the ‘Trendline Pro’ indicator to find trades.
This is a more advanced expert advisor as it will help you both make and manage your trades using inbuilt drawdown functions.
While this is a premium indicator, you can try a free demo version to see if it suits your trading.
You can get the MT4 Gold indicator here.
Gold Indicator for MT5
This is a MT5 indicator that can be used on any time frame or market but has been designed to help you trade Gold.
This indicator does not redraw anything and has no lag.
The basic settings with this MT5 Gold indicator include;
- Draw trading arrows directly on your charts.
- Use alarms both audible or through other Metatrader alerts.
- Adjust colors.
You can get the MT5 Gold indicator here.
While there are many separate technical analysis indicators you can use in your trading, some are designed just for Gold.
If you are a trader that enjoys trading Gold, you can test these MT4 and MT5 indicators to see if they help your trading.