How to Make Sense of the Forex Market Using MT4 and NinjaTrader
The forex market can feel overwhelming with constant price action and news. MT4 (or MT5) and NinjaTrader are excellent platforms to bring clarity. They offer powerful charting and custom indicators. Combine them with volume price analysis (VPA) for real insight.
Many forex traders struggle to understand how and why the currency markets behave in the way they do, but in fact, it is not hard to understand once you start to think of it in terms of one where the flow is constantly from level to level and back again, rising, falling and then rising once more. This is why we always say it is a market of mean reversion where levels and flow are key. Levels dictate reversal points or pause points, whilst flow is dedicated by sentiment and whether it is universal across the complex.
Step 1: Platform Setup for Forex Analysis
Start with MT4/MT5 for its simplicity and forex focus. Load major pairs (EUR/USD, GBP/USD, etc.). Add volume bars to candlestick charts. NinjaTrader excels for multi-market views—add forex alongside futures if desired. Both support custom indicators for deeper analysis.
Step 2: Apply Volume Price Analysis (VPA)
VPA is key to making sense of forex. It combines price action with trading volume. High volume on up candles shows buying conviction. Low volume warns of weakness or traps. On MT4/MT5, enable volume display. NinjaTrader integrates it natively. Look for divergence—price new high on low volume signals reversal.
Step 3: Use Quantum Tools for Relational Insight
Quantum indicators turn raw data into clear signals:
- Currency Strength Indicator: Ranks currencies live—spot leaders for trends.
- Currency Matrix: Shows cross-pair sentiment dynamics.
- Trend Monitor: Aligns momentum across timeframes.
Load these on MT4/MT5 or NinjaTrader. They make relational analysis simple. VPA confirms—high volume on strong currency moves validates setups.
Practical Routine
Scan majors at the London/US Open. Identify extremes on the strength indicator. Confirm with VPA on volume. Enter on aligned signals. Anna Coulling’s VPA methodology with Quantum tools reduces noise and builds discipline.
MT4/MT5 and NinjaTrader make forex understandable. Quantum indicators add the edge. Start with VPA and relational views for confident trading decisions. Apply today for clearer market sense.
MT4 vs MT5 for Forex Trading: Which Platform Should You Choose?
Forex traders often debate MT4 versus MT5. Both are MetaTrader platforms. They offer charting, execution, and custom tools. But differences matter. Choosing depends on your style and needs. Volume price analysis (VPA) works on both. Quantum indicators support each. Here’s a balanced guide.
Advantages of MT4
MT4 remains the forex standard:
- Huge Community: Millions of users. Vast library of free/paid indicators and EAs.
- Simplicity: Intuitive for beginners. Focuses on forex—clean interface.
- Broker Support: Almost all forex brokers offer MT4. Easy account setup.
- Custom Tools: Quantum indicators load seamlessly. VPA signals clear on majors.
MT4 is battle-tested. Perfect for pure forex traders.
Advantages of MT5
MT5 is the modern upgrade:
- Multi-Asset Trading: Forex, stocks, futures, commodities—all in one platform.
- Advanced Features: More timeframes (21 vs 9), economic calendar built-in, depth of market (DOM).
- Better Backtesting: Multi-threaded tester for faster, accurate strategy checks.
- Hedging Allowed: Flexible positioning (some brokers restrict on MT4).
MT5 is future-proof. Ideal if you trade beyond forex.
Which to Choose for Forex?
- Choose MT4 if: Pure forex focus. You want maximum community resources. Beginners or scalpers love its speed and simplicity.
- Choose MT5 if: Multi-asset plans. Need advanced tools or hedging. Future-proofing matters.
Both support Quantum indicators—currency strength, matrix, VPA tools work identically. VPA thrives on either—high volume moves confirm conviction.
Practical Recommendation
Start with MT4 for forex mastery. Transition to MT5 as you grow. Most brokers offer both—demo both risk-free.
Quantum tools enhance VPA on either platform. Anna Coulling’s methodology applies universally.
MT4 or MT5—both excellent for forex. Choose based on your goals. Quantum indicators deliver the edge regardless.
By Anna Coulling
Creator of Volume Price Analysis