The Best Arrow Indicators for Metatrader 4/5 Platform

The year 2023 offers exciting opportunities for traders, and using the right tools becomes a key factor for success in the Forex market. In this article, we present you with the top arrow indicators for MetaTrader 4 platform that will reliably assist you in making informed trading decisions. These advanced indicators come with unique features such as automatic buy and sell signals, display of crucial support and resistance levels, and reliable arrow indicators that help you precisely identify entry and exit points in trades.

Each of the featured indicators has its advantages and unique characteristics, allowing you to tailor them to different trading styles and timeframes. Whether you are an intraday trader, long-term investor, or agile scalper, these indicators will aid you in making well-founded, data-driven decisions. Don’t miss the chance to incorporate cutting-edge technology into your trading strategy and reach new heights in the Forex market with these top arrow indicators for MT4 in 2023. Remember, it is always recommended to test indicators on a demo account and develop your trading system that aligns with your goals and trading style.

Table of Content

1. Buy Sell Magic Indicator
2. FXSSI Profit Ratio
3. Lucky Reversal Indicator
4. Super Arrow Indicator
5. Fractals Arrows Alert indicator
6. MA Crossover Alerts Indicator
7. Dark Inversion indicator
8. Mindhero indicator
9. MSP Indicator
10. PZ Bollinger Trend Indicator
11. Hull Moving Average Arrows Indicator
12. Keltner Channel With Signals Indicator
13. Scalper Signal Indicator
14. Super Signal V3 Indicator
15. ZigZag Arrow Indicator

#1 Buy Sell Magic Indicator

Number of Downloads: 26.4k
Score: 3.97
Timeframes: M1 – M30
Repaints: No
Alerts: Yes
Signal Frequency: 10+ per day

The “Buy Sell Magic Indicator” is a popular tool used by traders to identify buying and selling opportunities in the financial markets. It provides clear signals in the form of arrows or visual cues on the price chart, indicating when to enter or exit a trade. The indicator analyzes market trends to generate “Buy” signals for potential bullish trends and “Sell” signals for potential bearish trends. Traders can customize its settings and use it alongside other technical analysis tools for more informed trading decisions.

#2 FXSSI.ProfitRatio

Number of Downloads: 11.2k
Score: 4.1
Timeframes: All (Preferably M15)
Repaints: No
Alerts: No
Signal Frequency: 5+ Per Day

The Profit Ratio Indicator now includes a signal line to enhance volatility reading in the market, making it easier for traders to identify potential reversals. When the profit ratio reading surpasses the signal line value, a spike is detected and highlighted in orange, indicating a potential reversal point. This serves as an optimal entry for a reversal trade, positioning traders at the end of a retracement.

For effective use of the Profit Ratio Indicator, pay attention to the indicator’s navigation tabs, including “Signal,” “BUY: SELL,” and “DELTA,” and utilize them appropriately. Apply the indicator only to accepted currency pairs to ensure accurate results. This versatile indicator caters to both beginners and experienced traders, enabling them to identify trends, reversals, and entry/exit points with ease.

#3 Lucky Reversal Indicator

Number of Downloads: 36.07k
Score: 4.4
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 1+ Per Day

Forex trend reversals occur regularly, offering trading opportunities to catch shifts in market direction. Traders rely on various tools and strategies to identify these reversals and capitalize on trends. The Lucky Reversal Indicator is one such tool, distinguishing itself with unique features among other forex trend reversal indicators.

The Lucky Reversal Indicator lives up to its name by precisely indicating when a trend changes from uptrend to downtrend or vice versa. It presents signals in the form of blue and red arrows, accompanied by wavy horizontal lines. A blue arrow denotes the start of an uptrend, while a red arrow signals a reversal to a downtrend. With this indicator, traders gain valuable insights into trend shifts and can make well-timed trading decisions.

#4 Super Arrow Indicator

Number of Downloads: 12.7k
Score: 4.51
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 3+ Per Day

The power of combining multiple indicators in the Super Arrow indicator for MT4 lies in its ability to provide a holistic view of market dynamics. Each indicator contributes unique insights into price trends, momentum, and volatility, allowing traders to validate signals more effectively. By leveraging Moving Averages, traders can identify overall market direction, while the Relative Strength Index offers valuable information on overbought and oversold conditions.

Furthermore, the inclusion of Bollinger Bands assists in identifying market volatility and potential breakouts, while the Magic Filter helps fine-tune signals, eliminating false or less reliable setups. This harmonious combination ensures that Forex traders receive more accurate and robust trading signals, leading to increased confidence in their decisions.

With the Super Arrow indicator, traders can navigate the market with enhanced precision, avoiding the confusion that may arise from conflicting signals when using multiple indicators separately.

#5 Fractals Arrows Alert indicator

Number of Downloads: 2.1k
Score: 5.0
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 5+ Per Day

The Fractals Arrows Alert indicator is a straightforward tool developed by Bill Williams, designed to indicate the trend direction in the forex market. It displays arrows on the chart to show upward and downward momentum. The red arrow signifies a sell signal, while the yellow arrow indicates a buy signal. The indicator works on all timeframes, but for more accurate signals, longer timeframes are recommended. Traders can easily identify entry and exit points by following the appearance of arrows. Fractals Arrows Alert is a free and accessible tool for all forex traders.

#6 MA Crossover Alerts Indicator

Number of Downloads: 4.4k
Score: 4.67
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 3+ Per Day

The MA Crossover Alerts indicator for MetaTrader 4 is a powerful tool for trading moving averages crossovers. It provides signal alerts when two moving averages (fast and slow MA) intersect. This indicator helps traders identify various trading opportunities during trend reversals and continuations, notifying them of potential trading setups.

The indicator is user-friendly and doesn’t clutter the trading dashboard, as both moving averages remain hidden from the chart. This allows traders to conveniently view candlestick patterns without obstruction. The MA Crossover Alerts indicator can be integrated into different trading styles, including scalping, day, intra-day, or swing trading.

However, traders should avoid using this MT4 indicator in isolation and instead combine it with price action or other trading indicators (Order blocks, FXSSI ProfitRatio and/or etc.) to enhance accuracy.

Since moving averages lag behind price, additional confirmations are essential for valid signals.

To use the MA Crossover Alerts indicator effectively, traders can consider it in conjunction with other strategies. The indicator gives reliable signals on higher timeframes due to reduced noise. It’s essential to understand that not all crossovers are valid signals, so traders should exercise caution and confirm signals with price action or other methods.

The indicator can be applied for entry, Take Profit, or stop-loss levels. By combining the MA Crossover Alerts with other technical analysis tools, traders can increase the likelihood of profitable trades.

#7 Dark Inversion indicator

Number of Downloads: 0,8k
Score: 5.0
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 2+ Per Day

The Dark Inversion is a powerful MT4 indicator that accurately predicts price swing positions by scanning market highs and lows. It provides arrow signals for buy-sell levels, identifying potential trend-reversal points and even price reversals during ranging markets. This comprehensive guide explains how to effectively use the Dark Inversion indicator for trading forex and stocks, making it suitable for both day and intraday traders. It can be download free.

#8 Mindhero Indicator

Number of Downloads: 0.8k
Score: new
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 5+ Per Day

The Mindhero indicator for MT4 is a user-friendly trading signal indicator that provides clear and non-repainting bullish and bearish signals as arrows on the price chart. Its simplicity makes it suitable for both new and experienced forex traders. The indicator works effectively on intraday and longer-term charts, offering trading opportunities for all types of traders. With the ability to download and install the indicator for free. However, due to the frequent signals, risk management is crucial to control the number of trades and position sizes effectively.

#9 MSP Indicator

Number of Downloads: 1.3k
Score: 3.0
Timeframes: M5-H1
Repaints: No
Alerts: Yes
Signal Frequency: 2+ Per Day

The MSP Indicator is a powerful day trading tool designed for MT4 platforms, utilizing Average True Range (ATR) to assess market volatility. With its arrow and text signals, the indicator identifies potential trend-reversal moments, simplifying the trading process for both novice and experienced traders. The MSP indicator offers two trading methods – aggressive and conservative entry – providing flexibility based on individual preferences. By following the buy or sell signals, traders can easily execute orders without manual analysis. Its emphasis on signal quality over frequency makes it an advantageous choice experienced traders can use it as a signal filter to enhance their existing trading strategies.

#10 PZ Bollinger Trend Indicator

Number of Downloads: 0.7k
Score: new
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 2+ Per Day

The PZ Bollinger Trend Indicator is a straightforward MT4 tool that identifies trend direction using wave patterns based on traditional Bollinger Bands principles. By displaying blue and red wave patterns, it indicates uptrends and downtrends, making it suitable for all timeframes. Traders can use it on higher timeframes to minimize false signals. The indicator provides clear BUY and SELL signals based on the wave patterns, enabling traders to take appropriate long or short positions. Combining it with other oscillators like RSI or MACD can enhance trend-following strategies. The PZ Bollinger Trend Indicator is an efficient and free available tool for traders.

#11 Hull Moving Average Arrows Indicator

Number of Downloads: 0.5k
Score: new
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 1+ Per Day

The Hull Moving Average (HMA) Arrows indicator for MetaTrader 4 is a powerful custom tool that swiftly identifies trend directions and generates buy/sell signals with support/resistance zones. Unlike regular moving averages, the HMA almost eliminates lag, making it ideal for scalpers, day traders, and swing traders. The dynamic line changes color between dodger blue (uptrend) and magenta (downtrend) once the market direction is confirmed. Additionally, the indicator provides support/resistance lines as potential exit zones. Overall, the HMA Arrows Indicator is a valuable asset for traders at all skill levels and is available for free download.

#12 Keltner Channel With Signals Indicator

Number of Downloads: 5.2k
Score: 4.78
Timeframes: All
Repaints: No
Alerts: Yes
Signal Frequency: 2+ Per Day

The Keltner Channel with Signals Indicator for MT4 combines the Keltner Channel and Jurik moving averages to generate reliable trend trading signals, particularly for forex traders. The indicator offers flexibility with various parameters, allowing traders to customize it according to their preferences.

Traders consider a bullish trend when the price stays above the midline and upper line, and the Jurik Moving Average changes from Magenta to Blue. For a SELL signal, the price should be below the midline and lower line, and the Jurik Moving Average should change color accordingly. Traders book profits on the opposite signal and use stop-loss orders to manage risk.

While the Keltner channels indicator provides strong trend signals, it is advisable to confirm these signals using price action analysis for more robust trading decisions.

#13 Scalper Signal Indicator

Number of Downloads: 3.2k
Score: 4.0
Timeframes: Ml-M15
Repaints: Yes
Alerts: Yes
Signal Frequency: 5+ Per Day

The Scalper Signal Indicator is a very simple and most effective tool designed for the scalping strategy. It uses green and red arrows to indicate buy and sell signals, making it easy for traders to determine entry and exit points. The indicator works best on shorter timeframes like 1M, 5M, or 15M. Traders should wait for a trend to develop before fully entering a trade to avoid potential false signals caused by repainting.

The Scalper Signal Indicator is a valuable choice for scalping due to its ability to provide fewer false signals. It offers precise signals for identifying scalping opportunities and can be downloaded for free.

#14 Super Signal V3 Indicator

Number of Downloads: 2.8k
Score: 5.0
Timeframes: All
Repaints: Yes
Alerts: Yes
Signal Frequency: 5+ Per Day

The Super Signal V3 Indicator is a straightforward MT4 tool that displays arrows to signify uptrends and downtrends. Green arrows indicate upward momentum, while yellow arrows represent a downtrend. Traders can use these arrows for entry and exit points, with green as a support level and yellow as resistance. Crosses also indicate trend changes. Applying the indicator on longer timeframes is advisable to avoid false signals. Though similar to the Fractal Pattern indicator, the Super Signal V3 has less space between arrows.

The Super Signal V3 Indicator is highly regarded as one of the best and most valuable MT4 indicators among traders. Its ability to clearly indicate trend direction, entry and exit points, and support and resistance levels make it a powerful tool for both beginners and experienced traders. It can be a valuable tool when used with caution and can be downloaded for free.

#15 ZigZag Arrow Indicator

Number of Downloads: 2.4k
Score: 5.0
Timeframes: All
Repaints: Yes
Alerts: Yes
Signal Frequency: 2+ Per Day

The Zigzag Arrow Indicator is a valuable tool for forex traders who base their strategy on price action and market flow concepts. It allows traders to easily identify key swing levels, such as swing highs and swing lows, which are crucial in determining price direction and potential reversal points. Unlike the conventional zigzag indicator, the Zigzag Arrow Indicator displays blue and red arrows to mark swing lows and swing highs, making it more straightforward and user-friendly.

This indicator can be utilized on any time frame and with any currency pair, making it suitable for traders of all levels, including beginners. By recognizing swing highs and swing lows, traders can define uptrends and downtrends based on the market’s higher highs and higher lows or lower highs and lower lows.

Overall, the Zigzag Arrow Indicator provides traders with a reliable way to identify swing highs and swing lows, enabling them to make more informed and profitable trading decisions when combined with other technical tools and strategies.

Conclusion

The MetaTrader platform offers a wide range of arrow indicators that can significantly enhance your forex trading strategy. These arrow indicators provide clear and precise signals for identifying trend directions, potential reversals, and entry/exit points in the market. Whether you are a novice or an experienced trader, these indicators cater to traders of all skill levels.

From the FXSSI.ProfitRatio to the Fractals Arrows Alert, each indicator comes with its unique features and benefits. Some indicators focus on trend-following signals, while others highlight support and resistance levels. Also, they offer valuable insights, minimize market noise, and help traders make informed decisions, ultimately contributing to a more successful and profitable Forex trading journey. Traders can choose from aggressive or conservative entry methods, depending on their risk tolerance and trading style.

It’s important to remember that while arrow indicators simplify decision-making, they should be used in conjunction with other technical analysis tools, such as price action, trendlines, and oscillators, to confirm signals and avoid false signals.

Before integrating any arrow indicator into your trading strategy, it’s advisable to thoroughly test it on different timeframes and currency pairs to ensure its effectiveness and compatibility with your trading preferences.