Free Forex Trading Tools: Calculators and MT4/MT5 Indicators

Which Free Forex Tools Do Traders Use Most?

NinjaBull, the currency strength meter and LocalTime were the three most used ForexFanClub tools in the 30 days to 14 October 2026.

Where Can You Check the Market Before a Trade?

For gold and Bitcoin, NinjaBull shows an AI outlook for the next 24 hours, and for forex pairs, the live currency strength meter shows the strongest and the weakest of 8 currencies. Both are free and run in your browser.

NinjaBull reads economic data and news every hour and shows buy, sell or wait for gold and Bitcoin. If you run an EA, the NinjaBull API sends the same outlook as BUY, SELL or WAIT with a score, so your EA can use it as a news filter.

The currency strength meter does more than rank 8 currencies. It picks the pair with the widest gap between the strongest and the weakest currency, shows whether the 1 hour, 1 day and 5 days periods all point the same way, and shows the cheapest trading account for that pair at our four brokers right now.

So start from the 1 day period. In the meter’s own data, the strongest currency on 1 day was still the strongest one hour later 76% of the time, against 11% on the 1 hour period, so a move on 1 day is the one more likely to last.

The currency strength meter compares currencies. To compare whole markets, the best forex pairs to trade ranking shows which pairs, gold and stock indices move the most for their trading cost, from our own price feeds. To choose when to trade, the best time to trade map shows which hours of the day move the most for the spread you pay.

Before you place a trade, the forex market hours page shows whether a market is open right now, and when it closes and reopens at each broker in your own time zone.

Which Free MT4 and MT5 Indicators Help on the Chart?

ForexFanClub has four free indicators for MT5 and MT4, and each one does a job that MT5 does not do on its own: your local time, breakout alerts, a quick switch between types of moving average and the time left on a candle. You download them from the page of each indicator, with no registration.

The source code of all four is free to read and change, as .mq5 files for MT5 and .mq4 files for MT4. So you can check what an indicator does before you add it to a chart. Install them in MT5 or MT4 on a computer, because the MT5 app on a phone cannot run them.

Which Broker Is Cheapest for Your Trade?

On each instrument, the forex rebates ranking shows the cheapest broker and trading account. It adds the spread, the commission and the rebate into the cost of one trade at XM, HFM, XS and Exness.

The narrowest spread is not always the cheapest trade. On gold, the account with the lowest 24-hour average spread and the account with the lowest cost were different, because some accounts charge a commission on each lot.

If you hold trades overnight, check the swap as well. A swap-free account saves money on a gold buy position, but on a gold sell position you lose the swap that a normal account pays you.

If you have not chosen a broker yet, the most popular forex brokers ranking shows which brokers people in your country search for most on Google. Then compare what your trades cost at those brokers with the forex rebates ranking.

Do You Already Trade With One Broker?

If you already trade at XM, HFM, XS.com or Exness, the pages for your broker show the trading cost after the rebate, the spread, swap and margin of every account type at that broker, so you can check your own trading account in detail.

• XM
  Trading cost · Spreads · Swaps · Margin · Account types
• HFM
  Trading cost · Spreads · Swaps · Margin
• XS.com
  Trading cost · Spreads · Swaps · Margin
• Exness
  Trading cost · Spreads · Swaps · Margin

How Can You Close Many Trades at Once?

PidPro closes all your positions on a chart with one click, and it can close them for you at a pip target, a set time, break even or a trailing stop. So you set the exit once, and PidPro closes the trades for you. Keep MT5 open on your computer, because PidPro runs inside MT5.

On gold, PidPro counts one pip as a $0.10 move in the price, so a target of 30 pips closes the trades after a $3 move. MT5 can also close every position from Bulk Operations in the Trade tab, but only when you click it yourself.

PidPro is a free EA for MT5 and MT4, and it closes open positions only, so your pending orders stay in the Trade tab. Unlike the four indicators, PidPro comes as the compiled file only, without the source code.

Which Forex Calculators Do You Need Before a Trade?

Before a forex or gold trade, use three free calculators in this order: the lot size calculator, the margin calculator and the pip calculator. Each one answers a question that the next one needs.

The lot size comes from your stop-loss and the dollars you accept to lose. The margin calculator then shows whether your balance can hold that size, and the pip calculator turns the size into dollars for each pip, so you know what the spread costs before you open the trade.

All three calculators use the lot sizes and prices of our own MT5 trading accounts at XM, HFM, XS and Exness, and that matters on some instruments. On silver, 1 lot is 1,000 oz at HFM and 5,000 oz at XM, XS and Exness. So the same 0.10 lot of silver moves five times as much money at three of the four brokers.

Which Forex Basics Should You Know Before Your First Trade?

Before your first forex or gold trade, know what your trade size is worth in dollars and how much your balance can lose before the broker closes the trade. The seven guides explain what the numbers from the calculators mean.

On gold, 0.01 lot is 1 ounce, so each $1 move in the gold price changes your balance by $1. With $100 at 1:1000 leverage, gold can move $99.16 against you before XM closes the trade at its stop out level.

So a stop-loss is what protects your balance, because it closes the trade at a price you choose, long before the stop out.

If you want to practise first, a demo account lets you place the same trades with virtual money. Once your plan works there, a cent account is the next step, because it trades real money at 1/100 of the size. When you make your first real deposit, a deposit bonus adds margin that can take part of a loss.

Questions People Ask About These Free Tools

Are these forex trading tools really free?

Yes. Every tool on this page is free, with no registration and no time limit.

The calculators, the broker comparisons, NinjaBull and the currency strength meter run in your browser. The indicators and PidPro are files that you download from the page of each tool and use on as many charts as you like.

Do the indicators work on the MT5 app on my phone?

No. The MT5 app on a phone cannot run custom indicators or EAs.

Install the indicators and PidPro in MT5 or MT4 on a computer. The calculators, the broker comparisons, NinjaBull and the currency strength meter work on a phone as well, in your browser.

Where do the lot size, margin and pip calculators get their prices?

From our own MT5 trading accounts at XM, HFM, XS and Exness, refreshed through the day.

Each calculator shows the time of its prices in UTC next to Updated, at the top of the calculator. When a market is closed, the instrument shows Market closed and the calculator uses the price from the last trading session.