Top 10: The Best Non-Repainting Forex Indicators for MT4 that really work

Here is our tried and tested list of the Top 10 best performing non-repainting Forex indicators for MT4 that actually work.

This list will be updated every six months with new indicators added to the list so feel free to submit your suggestions and indicators to our staff for review by posting your suggestion up in comments:

Step NEMA

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We like:

• NEMA (n-EMA) can calculate up to 49 EMA's and it uses up to 50 calculating buffers internally. It calculates EMA, DEMA, TEMA and so on depending on NemaDepth parameter. In simple terms, using "3" in the NemaDepth will give you Triple Exponential Moving Averages. Using "40" in the NemaDepth will give you Quadragintuple Exponential Moving Averages.
• Very accurate for entering swings, exiting then entering again.
• Can be used as a guide to set Stop Losses.
• Comes with Multi-timeframe + Interpolation, Display options such as "dots", "bars" and much more plus Alerts.

Room for improvement:

• Having the ability to multiply Exponential Moving Averages up to 49 times won't exactly help with trading and does not do much except for smoothing of the Exponential Moving Average over and over again.
• Some of the indicator's settings are designed for more advanced technical analysts. Sadly, guidance on how to use this tool's full list of settings is non-existent and can be a bit of a puzzle for newer traders.

Waddah Attar Explosion Averages with ATR DeadZone

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We like:

• Works exceptionally well, especially with these tweaked settings.
• The ATR DeadZone adds additional confirmation of a volatile move.
• Alerts are now available for whenever the ATR DeadZone is pierced.
• Visually unique and different from most subwindow-based indicators.
• Can be used to simplify your chart's appearance.
• Can be used on it's own as a complete system for entering and exiting trends.
• Comes with Multi-timeframe + Interpolation, a large range of Moving Average methods, plus Alerts.

Room for improvement:

• Requires traders to understand what each line does.

Trend Direction & Force index

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We like:

• Powerful for trading trends
• Enabling "Change Color On Zero Line Cross" option gives trend traders superior & much better signals compared to the MACD.
• A tried and tested indicator that is reliable for scalping and entering swing trades on all timeframes.
• Simple and easy to use.
• Works very well as an entry filter for timing/executing trades.
• Can be used by all types of traders, straight out of the box, without having to make any adjustments.
• Comes with Multi-timeframe + Interpolation, Multi-symbol choice, plus a large range of over 33 different Averages to use as filters for smoothing and for price.

Room for improvement:

• Even though this is a reliable indicator with accurate entry signals, the trade-off is that many opportunities are not given and signals can be few and far between (especially when using this tool in Multi-timeframe mode). This can cause impatience.
• Can be daunting for new traders who may often find themselves "squinting" at the median line trying to figure out when a valid trade entry is about to begin.

Chaos Visual Averages

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We like:

• Superb accuracy and ability to forecast tops and bottoms even on the smallest timeframes.
• Visually pleasing and easy to see market conditions.
• Strong back-testing results.
• Alerts.

Room for improvement:

• Extreme Overbought and Oversold conditions can lead traders to premature trade entries during strong trends, leading to drawdown before trends finally come to an end.

Super Smoothed Averages Trend

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We like:

• Arguably one of the best trend trading, Moving Average style, indicators to date.
• Highly accurate for catching trending moves.
• Can be "stacked" so that multiple instances of this indicator can be placed on the chart to form Waves, Crossovers and more (example here).
• Comes with Multi-timeframe & Interpolation.
• Includes Alerts and Push Notifications.

Room for improvement:

• Can be hard for novice traders to figure out which settings and "stacking" combinations are the best.
• Not too much information has been shared in regards to how this tool was coded or exactly what it's comprised of.

Auto Fibonacci

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What we like:

• Ideal educational tool and guide for new traders looking to practice drawing Fibonacci retracements.
• Light on the trading platform.
• An Automatic Fibonacci indicator with Alerts.
• The only Automatic Fibonacci indicator that draws the Fibonacci retracements the right way, as shown in our Fibonacci guide here.

What we don't like:

• Can be slightly confusing for learners to figure out at first.

RSI Bollinger Bands

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We like:

• High-quality technical indicator.
• Comes packed with options and display configurations.
• Extremely accurate for trend-trading breakouts.
• Includes Alerts, Arrows and other convenient features.
• Easy to forecast breakout trades and market volatility.

Room for improvement:

• Can be a bit daunting for beginner traders due to the amount of features and information on screen. Beginners should take the time to study it's features and understand which options fit their trading style.

Jurik Volatility Bands

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We like:

• One of the most accurate non-repainting indicators we have used for counter-trend trading.
• Works in range-bound and trending markets.
• New Histogram Display.
• Wide range of Alert options.
• Arrows.
• Beginner friendly and easy to use.
• An all-in-one indicator for Scalping, Counter-trend trading, Trend trading and gauging the market's movements.

Room for improvement:

• When counter-trend scalping on the smaller timeframes this indicator can sometimes cause new traders to jump in too early. Rest assured, it's a highly effective trading tool so if you do open a position early you'll find that price will eventually correct and you'll be able to close at break even or in profit.

Jurik PPO Laguerre

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We like:

• Accurate in forecasting Tops & Bottoms on all timeframes.
• Added Jurik Smoothing which helps eliminate false signals.
• Beginner-friendly and easy to gauge market conditions at a glance.
• Extremely versatile.
• Looks good on charts.

Room for improvement:

• Scalpers will often find extreme signals are few and far between.
• No alerts (yet).

Auto Supply & Demand Zones

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We like:

• Automatically draws Support and Resistance Zones for high-probability counter-trend trading.
• Multi-timeframe.
• Lightweight.
• Comes with many display options and configurations including a HUD (Heads Up Display).
• Accurate.

Room for improvement:

• Can be a bit confusing for new traders to understand or decide which are the best options to use and display.

Trend Scalp

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We like:

• One of the most accurate indicators for scalping trends.
• Works flawlessly on all timeframes including the smaller M1 & M5 charts.
• Comes with a multitude of scalping options including Alerts on Break and Arrows on Retracement Levels.

Room for improvement:

• For beginners, it can take a bit of time and practice to figure out how to use it.

Lower & Higher timeframe Ichimoku

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We like:

• By far, the best and most complete Ichimoku indicator for Metatrader 4.
• Superbly coded and tested by an experienced Ichimoku trader.
• Allows traders to display any timeframe Ichimoku on their charts including lower timeframe Ichimoku on higher timeframe charts.
• Comes with every single option you'll ever need.
• A perfect all-in-one trend trader's indicator. If you're a trend trader, this is all you'll ever need for your charts.

Room for improvement:

• The Ichimoku has a steep learning curve for beginners but this is not a problem with this indicator itself. Overall, new traders can find that the full Ichimoku display can be overwhelming and confusing. For novices, it's best to start off with just the Kumo Cloud displayed on your chart and then slowly study each additional display separately as your experience improves.

Adaptive Jurik Filter

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We like:

• The Adaptive Jurik Filter is known as Mrtools's current favourite indicator.
• Coded with precision in mind, this indicator works and has proven ability to extract profits from the market.
• A vast array of options are available.
• Can be used by all traders, straight out of the box.

Room for improvement:

• This is an incredible indicator for technical analysts which includes a lot of advanced trading options that can overwhelm new traders. Caution is advised for novice analysts when using advanced tools such as this one.

Hull Moving Average Mountain Histogram

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We like:

• Accurate and beginner-friendly for trend trading entries.
• Tried and tested Hull Moving Average formula.
• Works very well for swing trading using the Multi-timeframe mode (our favorite is the 4-Hour MTF displayed on the 30M chart).
• Comes with advanced pricing options, custom widths, Averages types and entry lines for novices.

Room for improvement:

• Nothing in particular besides the fact that this is an often overlooked indicator which deserves more credit.

Composite RSI With Floating Levels

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We like:

• The Composite RSI is known as Mladen's favorite indicator.
• This version of the Composite RSI also includes Floating Levels.
• A strong indicator for contrarian traders who want to join in on new trends.
• Comes with 4 different Floating Level choices.
• Easy to spot trading opportunities.

Room for improvement:

• Novices should understand that this indicator should not be used for Overbought and Oversold (OBOS) signals. This indicator's strength is in it's ability to read trend trading breakouts (when the oscillator's line breaks out of the Floating Levels).

Color RSI

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We like:

• The Color RSI using the standard 14-period setting is known as Jimmy's favorite indicator.
• A super-strong tops and bottoms indicator which has an immensely high success rate.
• Easy to use for beginners.
• Will give you the right reversal signals 99% of the time on the Daily, Weekly and Monthly charts.
• Colored Overbought and Oversold areas of the oscillator can easily guide you in trading and manual backtesting.

Room for improvement:

• The RSI is an incredible indicator but shouldn't be used on smaller timeframes. Although it can be used on the smaller timeframes, the guaranteed best timeframes for the RSI are the Daily, Weekly and Monthly charts.

RSI 6 Moving Averages Divergence

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We like:

• This new and updated non-repainting RSI 6 MA (Moving Average) is now regarded as one of the best RSI Divergence indicators by Forex-station staff.
• Most RSI "Divergence" indicators display any and all Divergence signals, but this indicator is highly-selective of the Divergence signals it produces as it only generates a Divergence if the RSI MA is outside it's "Extreme" Overbought and Oversold zones.
• The Divergence signals on this RSI have a higher accuracy than regular RSI Divergence indicators.
• Where the standard RSI is mainly effective on Monthly, Weekly and Daily charts, the RSI 6 MA works well on all timeframes.
• Can be customized with four RSI types including Cuttlers RSI, Wilders RSI, Standard RSI and RSX2 (Advanced RSX by Mladen).
• This is the perfect RSI indicator for Divergence training and novice traders as it only produces certain Divergences and removes insignificant Divergence signals, allowing traders to focus on the signals that truly matter. It also gives space for traders to also study "Hidden" Divergences which are often overlooked but are very powerful for technical analysis and forecasting trend continuation.
• This indicator was a joint project with input from our members. Originally requested by TEAMTRADER in 2019, due to it's intricacy, it was only recently materialized by Mrtools.

Room for improvement:

• Divergence signals can be few and far between as the indicator will only produce it's Divergence under certain conditions. For active traders, this indicator will not produce enough signals often enough.
• Vertical Lines can be highly distracting.
• Can be visually confusing for newer traders. If you would like our "minimal" chart template with only Classic Divergences, please use our tweaked settings.