How to install the indicator in MT4 - step by step instructions

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

If you are just starting to trade on Forex, you have a lot to learn. One of the most important skills is the ability to install custom indicators on the MetaTrader trading platform. This program comes with a standard set of options, but it is often necessary to add your own settings.

This allows you to extend the functions of Metatrader and tailor it to your needs. Before you start learning how to install an indicator in MT4, you should look at the two different types of files that can work on this platform.

What is this?

There are two types of files associated with Metatrader indicators, so the settings can be a bit confusing for beginners.

The first type is.mq4 - an important file that stores all programming. This is basically a text format containing source code that the programmer writes to the indicator.

YouYou can see the source code in a text editor or in the MetaEditor program. As a rule, the volume indicator for MT4 is presented in this format.

The second file type is.ex4. Unlike.mq4, it cannot be edited. Keep this in mind, because if a developer or a free online resource provides you with such a file, you will not be able to change it - this provides copyright protection, which often includes candlestick indicators in MT4.

This is the compiled version of the indicator that MetaTrader creates from the.mq4 file. This format is readable by the user, but for this it must be converted to.ex4.

How to install

With an understanding of the different formats, you can learn how to install the indicator in MT4. You can upload any of them - both.mq4 and.ex4. If you install the first option, MetaTrader will automatically create the file and use it as is.

Windows

If you are using Windows, open File Explorer and go to "My Computer"> "C:>ProgramFiles". Then find the MetaTrader folder created for the broker of your choice. It is usually called "Broker Name - Metatrader". After that, find the directory with the indicators. Then just drag and drop the.mq4 or.ex4 files (or both) into this folder. If you only have.mq4, don't worry, the next time you open MetaTrader, it will automatically generate the indicator.

If you have MetaTrader open in progressdownload, you will have to close and reopen it for the new indicator to be available.

How to install the indicator in MT4 on other OS

You can also try using Crossover on Mac to run MetaTrader. If you are using Ubuntu Linux, you can try using Wine. Since Linux is free and more secure than Windows, this might be a great option for you. The only problem is that working with Windows is a little more difficult. But once you get the system up and running, it works well. It should also be noted that Ubuntu is especially good for older computers or devices with less computing power, such as netbooks.

So, how to install the indicator in MT4 on Linux:

1. Tap "Places" in the upper left corner of the screen and open "Home".
2. Click "File System" in the menu on the left.
3. Click "Edit" in the current window in the upper left corner and open "Settings". Check "Show hidden and backup files".
4. Click the search icon in the upper right corner of the screen, and in the Program Type box, type Program Files. The search will begin.
5. Once it's completed, you'll find a folder called Program Files.
6. Right click on the directory you are looking for and select "Properties". Move the window and right-click on an empty area of the desktop, click on "Create launcher". Select "location" under the default type, instead of the sub-item "application. Now enter "C drive" for the name. Type in the address of the location you were looking for and press OK.

You will now have a desktop link to the Metatrader installation location. It is located either at the top level of the C drive or in the Program Files folder, and now you can easily access the service by opening the shortcut. Now you don't have to be a Microsoft user to use apps designed for Microsoft products.

Now open your desktop shortcut, find the terminal and install your indicators as usual in the appropriate indicators folder.

How to open MetaEditor

If you want to see the indicator encoding, you can open the.mq4 file and view its code. To open it, go to MetaTrader and click the MetaEditor icon.

The program will open and you will find the indicators folder on the right side. When you open it, you will see all files saved in.mq4 format. Double click on the indicator (levels for MT4, for example) that you want to edit and you will see the source code. But if you are not good at this, it is better not to touch the system settings.

Where can I find new indicators?

The great thing about Metatrader is that it is a widely used platform for which you can find almost any indicator in the public domain.

However, there is a downside to this. You cannot know for sure how well an indicator has been programmed. By no means can it be argued that these freeapps are intentionally sabotaged, but the creators may have different programming skills. Therefore, check all indicators (including horizontal volumes for MT4) on a demo account before you trade for real money.

Where to look for indicators?

As noted above, there are many resources where you can find and download indicators for MT4. Below are the names of the sites where you can find what you need. Of course, a regular Google search is always the best place to start looking for accurate MT4 indicators, but there are always suggestions.

ForexFactory. As FF is one of the largest Forex forums, it's no surprise that they have a wide variety of indicators to choose from and tons of suggestions from users that can help you modify and customize them.

FX Fisherman is another great Forex forum with a great repository of MT4 indicators (volume, levels etc).

MQL4 - The creators of MetaTrader maintain their own repository of indicators that you can use for free.

MQL5 is an indicator library for MetaTrader 5.

Because all of these sources are reliable, you don't need to check every indicator. The best thing to do is to learn a trading method that works with it and try it out on a demo account.

How to get custom indicators

Another option is to get an indicator programmed for you.

Fortunately, much of what you can ask for is alreadydeveloped for free. For example, horizontal volume indicators for MT4 are always ready to use. Even if such settings are not freely available, you can get functionality that meets your needs for little money. Small tweaks are usually required, such as adding text message alerts or alerts to the MetaTrader smartphone app.

Conclusion

Finally, even if you have all the possible indicators at your disposal, it does not mean that you should use them all. The more indicators you add, the more confusing your chart becomes. If there are too many lines and scales, you will not be able to understand the chart and make correct predictions.

Many beginners believe that more indicators will give them a better idea of the market situation. The reality is that you should use them as little as possible. The more you install them, the more likely they will contradict each other and just confuse you.

Many of the trading systems that experts recommend are based on two or three indicators. Sometimes you can even go for pure price action.