MetaTrader 4 (MT4) is a popular platform for retail foreign exchange traders. It includes a built-in programming language that allows users to create their own custom indicators and automated trading systems (expert advisors). Indicators are mathematical calculations that are plotted as a chart overlaid on the price chart. They are used to help traders identify trends, support and resistance levels, and other patterns that may not be immediately apparent on the price chart.

There are many different types of indicators available for MT4, including moving averages, oscillators, and volume indicators. Moving averages smooth out price data to help traders identify trends, while oscillators such as the relative strength index (RSI) and stochastic oscillator can help traders identify overbought or oversold conditions in the market. Volume indicators, such as the on-balance volume (OBV) indicator, can help traders identify the strength of a trend based on the volume of trades being executed.

Indicators are often used in conjunction with other technical analysis tools, such as trend lines and chart patterns, to help traders make informed decisions about their trades. Some traders may use a single indicator to make trading decisions, while others may use a combination of several indicators to confirm their analysis. It is important to note that indicators are based on past price data and may not always accurately predict future price movements. As such, they should be used as a tool to help traders make informed decisions rather than relying on them completely.

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