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

Jimmy, Sun Oct 18, 2020 11:23 pm

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

Top 10 List Of The Best Forex Indicators Of All Time.jpg

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 three 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 on either one of our Social Media pages: Twitter and Facebook.

Itrend Averages
Best non-repainting trend trading indicator for MT4 2021.png
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We like:
  • The non-repainting iTrend indicator is one of the most truly profitable trend trading indicators we've so far come across.
  • Visually pleasing and easy to use, even at just a glance even novice traders can use this code to spot the trend.
  • No need to use other confirmation tools, the itrend can be used on it's own for Entering and Exiting.
  • Does a good job at guiding traders on where the actual trend starts, and also, where the trend ends.
  • The Second level can be used as a sure-fire signal for scalping entries or re-joining existing trends, especially during "bursts" of volatility.
  • Comes with 40+ different Moving Average Filters to use, and utilizes the ADXvma by default for it's filtering method.
  • Works remarkably well for trading Futures, Forex, Cryptocurrency and Indices.

Room for improvement:
  • As good as this is with finding large swings, you'll need to use wider stops or you'll find yourself getting kicked out of trades before they actually start to go into the "dominant" trend's direction.
  • If we have to be picky, this tool is unable to help traders with placing their stop losses or take profit.


Step NEMA
Step NEMA indicator.png
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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
Waddah Attar Explosion ATR Dead Zone.png
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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:

Trend Direction & Force index
Trend Direction Force Index indicator for MT4 non-repainting with MTF 2020.png
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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
Chaos Visual Averages Indicator MT4.png
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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
Super Smoothed Averages Trend Non Repainting for MT4.png
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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
Automatic Fibonacci Drawing Indicator MT4.png
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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
RSI Averages Bollinger Bands Indicator MT4.png
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We like:
  • High-quality technical indicator.
  • Comes packed with options and display configurations.
  • Extremely accurate for scalping or entering 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 "Volty" Volatility Bands
Jurik Volty Bands for MT4.png
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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
Jurik PPO Laguerre for MT4.png
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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.
  • Even though this uses the best smoothing algorithm for technical analysis Jurik Smoothing Algorithm it's still a nanosecond slower than the original Laguerre PPO indicator for MT4. Should this matter? Not at all, unless you're an algo who trades tick charts (lower than the 1 minute chart).


Auto Supply & Demand Zones
Reversal Trading Indicator Auto Supply Demand Zones for MT4.png
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We like:
  • Automatically draws Support and Resistance Zones for high-probability counter-trend trading.
  • Includes an automatic Fibonacci drawing option.
  • Lightweight.
  • Comes with many display options and configurations including a HUD (Heads Up Display).
  • Comes with an On and Off toggle button.
  • Very 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.
  • Does not have Multi-timeframe mode (yet).


Trend Scalp
Trend Scalp Indicator MT4.png
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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
Complete Ichimoku Indicator MTF High Low timeframe for MT4.png
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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
Adaptive Jurik Filter Indicator MT4.png
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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
Hull Moving Average Mountain Histogram MT4.png
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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
Composite RSI indicator MT4.png
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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).


RSI 6 Moving Averages Divergence
Non-repainting RSI with MA Divergence for MT4.png
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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.


Fractals Automatic Trend Line drawing indicator
Auto Trend Line Drawing indicator for MT4 with MTF.png
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We like:
  • This is our favorite automatic trend line drawing indicator for MT4. We chose this indicator over the industry standard TrueTL and the recent Automatic Trendlines Buttons.
  • Out of the List of Top Three "Auto" trend line drawing indicators for MT4, this one stands out as it draws significant and strong trend lines, earlier than the others. We recommend only using a Fractal period = 25.
  • It's lightweight and easy to use.
  • It comes with Multi-timeframe mode.
  • It has Alerts.
  • Out of the box, it draws both:
    • Incomplete (currently in play) trendlines
    • Completed (finished or broken) trendlines.
  • This indicator not only doubles as an automatic trend lines drawing indicator but also a learning tool for novice traders who are practicing how to draw wedges, channels, triangles and major trend lines on their charts.

Room for improvement:
  • The indicator also comes with a "Zig-Zag" type of Dots display for swing entries and exits, which can be distracting. You can turn them all off by choosing color as "none" inside the "Colors" tab of the indicator's Options.
  • The Multi-timeframe mode will draw trend lines, but unfortunately they do not adjust higher timeframe trendlines to sit on top, or connect neatly to the lower timeframe's wicks (or body). This will cause confusion for novices. We highly recommended skipping the use of MTF on this particular indicator.
  • It can be a sensitive indicator if settings are played with. Please only use a Fractal period = 25. These are the default settings.


Heiken Ashi RSI with Auto Divergences
Heiken Ashi RSI with MTF + Automatic Divergences for MT4.png
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We like:
  • The best RSI indicator to use for trend trading, by far.
  • Not only is this an RSI but an RSI that combines a unique Heiken Ashi that's inside the indicator's subwindow, allowing the RSI to be functional for trend trading entries, scalping and counter-trend trading.
  • It comes with RSI Automatic Divergences for both Hidden & Classic Divergence.
  • It comes with Multi-timeframe mode.
  • It has Alerts.
  • It's a new concept and one that allows this RSI to be a real, swiss-army knife replacement indicator over all other "RSI" indicators.

Room for improvement:
  • This indicator takes some time to get used to, but if you commit to it, it'll reward you with accuracy.
  • Can be a little tricky to use if you have both Hidden & Classic Divergence showing. To keep things simple, choose only one setting to display on your chart at a time, whether it be showing Classic Divergences only or showing Hidden Divergences only.


Jurik HILO Channel OMA (One More Average)
Jurik HILO Channel OMA - One of the best indicators for trends.png
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We like:
  • A newly developed trend-trading tool from Kvak which combines Jurik Smoothing, HILO and One More Average to produce a trend-trading indicator with extraordinarily accurate signals.
  • Even with it's supreme accuracy, it remains lag-free.
  • It can pick out rangebound market conditions and filter false breakouts.
  • Easy to use for all traders. From novices to professionals, this non-repainting indicator actually takes the hard work out of finding trends. Just load it and go.
  • Currently the best "Moving Average" style indicator for Trends simply because it filters volatile moves and market "noise" so well, you can't go wrong.
  • User-friendly options and menus.
  • It's equipped with "Auto Higher Timeframe" Multi-timeframe mode (AHTF MTF) which also enables this indicator to display smaller timeframe's movements on your current or higher timeframe charts. This is ideal for scalping.
  • Thorough Display options which includes:
    • Candlestick overlay
    • Lines display
    • Arrows
    • Shadow (Stroke) around the indicator's line
    • Automatic candlestick width adjustment
    • On/Off Toggle button on chart
  • Personally tested and recommended by our Indicator Auditor; 太虚一毫 (Tai).
  • For best results we recommend a High-Low period set to 34 and using this indicator on the 1 Hour charts.

Room for improvement:
  • This indicator remains overlooked. Perhaps because it's not really understood properly.
  • Further development and upgrades have ceased (for now).
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