Who’s the trader that uses Android, the indicator forex in android is very important in trading activities using a mobile device based on the Android operating system. Like trading using a platform on a desktop computer, traders now have more options of trading platforms. The forex trading platform using Android offers its own advantages and disadvantages.
In this article, I will review a few things about the forex indicator in Android and some of the top android apps.
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What is indicator forex android?
All traders of course are already familiar with the indicators used in the Metatrader platform for desktop computers. There are forex indicators available by default in the desktop MetaTrader 4 platform. RSI, MACD, Bollinger bands, etc, you can reread forex education just a flashback to remember trading indicators again.
The android forex indicator is a callable trading tool on the platform for Android smartphones. This indicator can run smoothly on the Android trading platform to become a trading tool when traders are doing market analysis.
Trading platforms that can run on well-known android operating systems like MetaTrader 4 for android and MetaTrader 5 for android and some brokers are trying to develop their own platforms like TD Ameritrade, FXTM, and so on.
How does it work?
Forex Indicator in Android is a special application designed to work on the Android system, so you cannot use the desktop MetaTrader indicator file on the Android platform.
For example, you have an indicator on the Windows computer platform and want to use it on the Android platform. Then you will have difficulty converting files to working on the Android system.
The way the forex indicator in Android works is the same as the forex indicator on the Windows desktop, so basically you can understand the function of the indicator, what about the rules indicator.
Let say, you usually use the Bolinger band indicator on the Windows desktop, maybe with a breakout strategy or looking for a sideways range. So if using the Bollinger band indicator on android is the same, you can make the specified parameter settings. And work analysis like using Bollinger band in windows computer.
Forex indicator for android phones
The trading platform that is one of the best for mobile is Metatrader 4. In fact, the default MetaTrader 4 indicator in Android has more than 24 popular indicators available. However, the indicators are divided into four groups:
- Indicator trend.
- Indicators type oscillator.
- Indicator Volume.
- Indicator Bill Williams.
The indicator trend in android
There are seven indicators in Metatrader 4 for Android. These indicators are also built into the Windows platform. The following indicator is:
- Average Directional Movement Index.
- Bollinger Bands.
- Envelopes.
- Ichimoku Kinko Hyo.
- Moving Average.
- Parabolic SAR.
- Standard Deviation.
Indicator oscillator in android
On the MetaTrader 4 indicators in the Android platform, there are thirteen built-in indicators that traders can choose to help analyze the market. Most oscillators are used to analyze overbought and oversold. These indicators are:
- Average True Range.
- Bears Power.
- Bulls Power.
- Commodity Channel Index.
- DeMarker.
- Force Index.
- MACD.
- Momentum.
- Moving Average of Oscillators.
- Relative Strength Index.
- Relative Vigor Index.
- Stochastic Oscillators.
- Williams’ Percent Range.
Indicator volume MetaTrader 4 trading platform in android
There are four kinds of volume indicator as follows:
- Accumulation/Distribution.
- Money Flow Index.
- On Balance Volume.
- Volumes.
Indicator Bill Williams in android
There are six indicators in the Bill Williams group, they are as follows:
- Accelerator Oscillator.
- Alligator.
- Awesome Oscillator.
- Fractals.
- Gator Oscillator.
- Market Facilitation Index.
If calculated, there are 30 indicators on the Metatrader 4 platform for android. For experienced traders, the number of indicators is not important, because they may only rely on analysis with price action.
List object in android MetaTrader 4 trading platform
Besides the indicators mentioned above, there is also a list of objects which can be used to help traders’ analysis.
How to call the list of objects on the Android MetaTrader 4 platform is by touching once on the candlestick chart screen. It will bring up a blue circle in which there is a timeframe option, symbols such as the letter f for indicator list, crosshairs with symbols such as +, and list objects with combination symbols of circles, triangles, and squares.
Click the object list symbol and a selection of objects will appear:
Lines object
Lines object list consists of:
- Vertical line
- Horizontal line
- Trendline
- Trend by Angle
- Cycle line
- Arrowed line
Channel lines object
Channel lines consist of:
- Equidistant channel
- StdDev Channel
- Regression channel
- Andrews Pitchfork
Gann lines object
In Gann lines consist of:
- 1.Gann line
- 2.Gann fan
- 3.Gann Grid
Fibonacci lines object
In Fibonacci lines consist of:
- 1.Fibonacci retracement
- 2.Fibonacci time zone
- 3.Fibonacci fan
- 4.Fibonacci Arcs
- 5.Fibonacci Channel
- 6.Fibonacci expansion
Elliott lines object
In Elliott consist of:
- 1.Elliott motive wave
- 2.Elliott corrective wave
Shapes object
In shapes consist of:
- 1. Rectangle
- 2. Triangle
- 3. Ellipse
How to install a forex indicator on android?
Maybe you are already accustomed to using indicators when trading using the Metatrader platform on your computer. And when using the Android platform you want to add indicators as a tool. The trick is as follows the steps:
- For the first step, please open the MT4 application first, then select the Chart menu. If you are already on the chart, please select the indicator with the f logo at the top.
- Step two tap the f + symbol in the top right corner.
- Select an indicator as you wish, for example, Ichimoku Kinko Hyo then touch at once
- Setup your parameter indicator
- The last step is to touch the finish on the top right corner.
- You will back to the chart and the should indicator already appears on your chart now.
How to delete the indicator from the chart in the android MetaTrader platform
How to delete indicators on the chart is just as easy when adding indicators, the step is:
- The first step is to select the chart on the candlestick symbol
- Step two touch the trash button in the top right corner, then a list of indicators will appear on your chart
- Step three select the indicators you want to delete by checking the selection boxes.
- The final step is touching the trash symbol once again at the top right corner.
- Now the indicator should no longer be available on your trading chart
Forex custom indicator for android
Some traders maybe even more traders who want to add custom indicators to the Android platform. But unfortunately, the developer gave the answer that they are not providing custom indicators on the Android platform in the near future.
But from the discussion in the mql5 community, the possible way is to use a windows tablet, or rent a VPN then attach a custom indicator and use a mobile remote on your android.
Maybe in the near future, the developer, in this case, is Metaquotes not yet providing custom indicators on the Android platform. However, it is likely that they will continue to work on building a platform to provide services to market demands.
Just as many traders want to use custom indicators on the Android platform, this can spur developers to work harder to find ways to add custom indicators to the Android platform.
Top Forex trading apps
Forex trading apps are tools traders use to carry out market analysis, which offers services that may differ from one application to another.
Some of the best forex trading apps at a glance include the Metatrader platform, FXTM, Stock Trainer, ThinkTrader, and TD Ameritrade.
FXTM
Forex trading apps FXTM was developed by the FXTM broker team which offers an android platform that can be downloaded and installed on your android smartphone via the google play store.
The FXTM trading platform offers advantages including access to all accounts in one place. Designed for both beginners and professional traders, with service users in various countries. Trade on more than 250 financial instruments including major pairs, exotic, indices, gold, and silver via CFD.
Stock trainer
One advantage of a stock trainer is that to help beginners train in stock trading, you can take advantage of this platform before starting stock trading.
There are 20 stocks in the world that you can choose to practice your skills to trade stocks. Maybe this is not suitable for practicing forex trading, because it only provides training for stocks. While stock price movements and forex there are many different factors.
You can use the stock trainer app for free as it is ad-supported. But if you want to get rid of it so without ads then subscribe to the premium version.
Metatrader 5
Metatrader 5 forex apps in android is a trading platform from the Metaquotes developer which has also released Metatrader 4. Even now, many traders still use Metatrader 4. The MetaTrader 5 platform offers better features than its predecessor, Metatrader 4.
This platform can be used on forex, stocks, crypto, CFD. Offers a variety of powerful features, read the news, chat with the other trader member in the MQL5 community.
The MetaTrader platform is the most popular platform among retail traders and supports a variety of built-in indicators as many as 30 different indicators. If you run the robot via VPS, you can monitor the progress of your account via MetaTrader 5 android wherever you are.
Think Trader
Think trader is a forex apps platform developed by the ThinkMarkets team that is designed with superior features with a wider selection of indicators than Metatrader. It provides 100 popular indicator trading tools. 40 list-objects.
There are also special features offered by this platform, namely a risk scanner, a trading signal scanner that looks for high probabilities in trades. Providing 80 technical indicators and 50 list objects for drawing, you have access to the forex, crypto, and CFD markets.
TD Ameritrade
TD Ameritrade is an American based brokerage and one of the leading brokers. The TD Ameritrade mobile platform offers to trade in ETFs, options, and stocks. If you are familiar with forex trading it might be a little awkward trying this platform.
In addition to the TD Ameritrade mobile platform, it also offers a superior Thinkorswim mobile platform. In this platform, traders can choose forex, options, stocks, and futures.
Existing features can be put to good use, such as an alert that will tell you something important when there is new news about developments in market conditions. But unfortunately, not all jurisdictions can use this platform, because of the rules that have become part of company regulations.
Advantage android forex trading apps
Using the forex trading apps android platform has several advantages that may not be obtained on a desktop computer platform.
- Convenience, using the android smartphone platform provides comfort at any time to see the development of accounts and markets.
- Time is flexible, because using a smartphone is not as wide as a laptop screen, allowing you to carry an Android smartphone in your pocket. You can open the platform at any time.
- Speed, with the notification feature of the android trading application you can respond faster, thus allowing higher opportunities for profit.
Disadvantages of android forex trading apps
Nothing is perfect, maybe that’s also the use of the android forex trading platform has some drawbacks :
- Smaller Screen Size. Smartphones are not as big as tablet or desktop screens so you can’t get the complete data. Because the narrow visualization can cause you not to analyze it thoroughly.
- Battery capacity. Running applications require power. If your battery can only store for a few hours, it might get annoying when you get a good chance at the market. If you drop the battery then the opportunity will disappear instantly.
- Distraction. your smartphone functions to communicate with other people via telephone connection, if you are in trading then your ringtone sounds and someone calls it will disturb you.
- Overtrading. It might happen because you are complacent about using the convenience of the mobile platform and forget about the total transactions you made. This can lead to over trading, but rarely if the trader is always careful
Conclusion
The android mobile platform in forex trading is very helpful to retail traders who may not have a laptop or desktop computer. You can easily download and install the android forex platform via the link provided on the broker of your choice.
After successful installation, you can log in to the account using the number account trader and password that you have saved via apps that you installed before.
On the bright side, if you use an android MetaTrader, you can open a demo account and practice your skills in forex using virtual money. And it is free, you can study until you are satisfied or the duration has expired.
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