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## Forex Charts – 5 Essential Technical Indicators For Bigger Profits

If you use forex charts then you need to know about the indicators we are going to discuss if you use forex charts and these great indicators you will increase your profit – so here they are.

Here are your 5 tips for bigger profits.

1. Relative Strength of the RSI Index

The RSI measures the relative strength of the current price compared to the past:

The formula usually uses a 14-period log.

As an oscillator, above 70 is overbought and below 30 is considered overbought.

Watching prices break from overbought levels and break from oversold levels can help you spot contrarian trades and you can also use it to determine the strength of the overall trend when the trend follows the trend.

2. Stochastic

A momentum oscillator that can alert you to market strength or weakness, often well in advance and allow you to initiate a trade.

It is based on the fact that when a financial instrument moves strongly, it tends to rise higher than when it falls, where it will close to its low.

The best use of stochastics is as a timing tool and taking lopsided or bearish divergence crosses to indicate trend changes.

If you combine it with RSI It is the ultimate combination for timing trading entries – a fantastic but overlooked trading tool.

3. Bollinger Bands

Bollinger bands give you an idea of the volatility and standard deviation of the price from the norm.

Bollinger bands are based on a simple moving average and standard deviation levels are plotted above and below a moving average.

Bollinger Bands is a technical tool used to determine whether a currency pair is high or low relative to its history.

To help you choose high volatility areas to buy and sell – they should be used to spot the opportunity and then use other tools to enter.

You can also use the middle band as a price zone in strong markets to enter current trends.

4. Directional Average Movement

ADX is a momentum indicator that tries to determine if the market is trending, or trading sideways.

Since you should always trade with the trend, this is an important indicator for choosing a strong trend.

Apart from determining the trend, it can be useful for taking profits – look for a rise above 40 and a downward turn to alert you of a change in trend.

5. Moving Averages

Moving averages identify trends in specific periods of daily price changes that are simply caused by market volatility and can be used effectively with support and resistance to identify areas of trend entry.

The equation is:

The closing price is multiplied and divided by the moving average period.

Moving averages are great as a trend identification tool but you should use a longer time frame.

The 40 or 200 day values are very important for identifying support and resistance areas, then you can use momentum indicators to time your entry.

Never use them there by themselves or only use them in the short term for longer term trend identification.

These are the 5 best indicators that you can learn and study and if you align with support and resistance levels you will get more profits from them, find turning points and time your entries with greater accuracy for greater profits.

If you use forex charts then make sure you read and use these tools.

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