How to add indicators in cTrader
Installing the indicators on your cTrader software is very easy if you know your way around the computer, but it may be quite complicated if you’re not too well versed in technology. But worry not, the process is simple enough to explain to everybody, so let’s try and break it down into several steps.
Steps for installing indicators on cTrader:
- Download the indicators
- Find the file you’ve downloaded
- Find your cTrader folder
- Copy/paste the indicator file into your cTrader > Indicators folder
- Restart cTrader if you have it open
The best cTrader indicators download location is the cTrader website itself. The company behind this software learned from their competitors that providing tools from their own website has a much more positive effect for both producers and consumers of these tools.
In many cases, the indicators you will find on cTrader’s website have been tested and approved by professionals, meaning that you always get what you bargained for.
In most cases, the indicator you download from the cTrader website will automatically be installed on your software. But, if you download it from somewhere else, a manual installation may be required.
The most important thing you should focus on this guide to cTrader indicators is the location of the indicator file once you’ve downloaded it. It will most likely be either in your “Downloads” folder or on your desktop.
Once you’ve found it simply right-click on it and press copy. Later you will have to find the folder of your cTrader software, find the “Indicators” folder inside of it and just right click and press paste. The indicator will then display on your software once you’ve restarted.
Now that we’ve covered the installation process of the indicators, let’s talk about the indicators themselves.
cTrader support and resistance indicator
The support and resistance indicator, also known as the Pivot Points indicator is one of the most useful tools that a trader could have.
The role of this tool is to calculate the average closing prices of trading sessions way before today. The trader can decide how far back he or she wants the indicator to calculate. The most optimal number so far has seen to be a month or so.
Once this exchange rate is determined, the Pivot Point indicator then calculates the most likely price points the exchange could either drop or rise to. These are what we call the support and resistance levels. Support is for dropping and resistance is for rising.
Without a doubt, the Pivot Point tool is one of the best cTrader indicators for Forex traders out there right now.
The volume indicator
A volume indicator is a trading tool that helps people see the activity within the market. The reason why this is very important is that the market mostly works on the supply/demand basis. If there is a lot of supply but not that much demand, the prices will start going down, and if there’s a lot of demand but not enough supply the prices will start going up.
By looking at the volume provided by the indicator, traders can quickly understand what state the market is in right now. Is there a surplus of demand or supply? This is one of the many questions that the volume indicator helps answer.
When it comes to cTrader indicators comparison, it’s very hard to name the best tool, but so far volume is the most “relevant” tool in terms of trading. The reason is that it is the only thing that can find the real answer to market trading volumes. Calculating it manually is almost impossible.
For example. Imagine that there are 1000 people looking to buy 0.1 lot of USD/JPY each, but there is only one person selling 100 lots of USD/JPY. On the surface, it looks like there is more demand than supply because there are more buyers, right? Well, when looking at the volume it is immediately clear that the supply and demand are equal, so price movement is not very likely.
The strength meter, as already mentioned in the intro is not necessarily an active best cTrader indicator for free that you can get. It is mostly a background tool that helps set your future analysis up rather than set your trades up.
The most basic explanation of the tool is that it helps you find what currencies are strong and which ones are weak on the FX market. For example, try to imagine the growth of the USD/JPY currency pair’s exchange rate. Sure there is growth, but why is there growth? Is it because USD is getting weaker or stronger? These questions are essential to be answered if you want your trade to always focus on a well-performing currency pair.
The strength meter has a 1-10 rating system. The higher the number, the stronger the currency is. The strength meter is used to pair strong currencies with weaker ones once the additional analysis has been done with other tools.