MetaStock is the most well-known software for technical traders. The MetaStock software integrates many tools (e.g. Expert Advisor, Indicator Builder, The Explorer). Tons of indicators are also enclosed with MetaStock to allow traders to pick ones that they are masterful. Besides the given indicators, MetaStock permits traders to develop their own indicators as well.
Latest version of MetaStock (current version is v.11) is shipped with over 100 indicators. Since I MetaStock for many years, one of the most frequently asked question is what is the best indicator? Honestly, I do not know the answer for this question.
Why do not I know what is the best indicator?
Firstly, I am sure that I am not the most successful trader. There are so many traders who are using MetaStock for their analysis. Maybe there is someone who knows or develops the best MetaStock indicators, but I do not.
Secondly, according to my experiences over the years using MetaStock, one of them may look good with a period of time or in a particular market. Therefore it requires you to optimize and test them before using in real trade periodically. It depends on what you are trading, what time frame you are using and what is the market situation therefore one of them may better than others in a given criteria, however you can not say that it is the best, right?
Lastly, even you have a best indicator that does not guarantee that you will be success in trading. I have seen many traders who lose their money even they have a good indicator in hand. For clearer example, a group of traders who are using the same method and same indicators in trading often get different outcome according to the turtles, the most well-known experiment in trading world.
It is good to wonder that what indicators that successful traders are using, but even you use the same indicators as them you may not be success as them. One indicator may more suitable that one trader than others.
Therefore, finding your suitable indicators and stick with them. Learn them, study them in every aspect. When you master in them, you will see what are the advantages and disadvantages of using them. You can also optimize them to maximize your profits.
However, by saying that stick with your indicators I do not mean that do not change your indicators. Keep studying, do not afraid to change if you think others are better. Also do not afraid to accept when you are wrong.
