If you want to operate your trading activity from the world’s leading MetaQuotes platform, you should know how to install indicators on mt4. As indicators are an essential tool for financial market analysis, using the right indicator would boost your trading profit.
How to Install Indicators on Mt4
Installing indicators or Mt4 is straightforward; therefore, you do not have to struggle to install it like installing software in windows or mac. Furthermore, many built-in indicators are available on the mt4 trading platform.
All built-in indicators are available on the Indicators tab from the insert menu. There are 30 built-in trading indicators in the Mt4 platform wherein Mt5 there are 38 indicators.
Most of the professional traders use these indicators, including RSI, MACD, moving averages, CCI, Ichimoku, etc.
Besides, built-in indicators, you can add third-party indicators, and custom-made indicators.
There are thousands of indicators available online. You can find one by searching online or consult a developer to build one for you.
Let’s have a look at how to install indicators on mt4 windows:
Identify the custom indicator that you are willing to install on the mt4 platform. Most of the indicators are of .ex4 and .mq4 format.
Copy the indicator from the source using CTRL+C. Be noted that how to install mt4 indicators on the mac is similar to the windows version.
Open the trading platform and go to the “File”- “Open Data Folder.” Then double click to enter the “MQL4” folder and open the “Indicators” folder.
In the indicator folder, you can see all of the trading indicators installed in your Mt4 trading platform. You have to paste indicators in this folder that you have copied from the source.
After pasting indicators on the mt4 trading platform, you should close the window and restart the trading platform.
New indicators will appear once you restart the platform; otherwise, it will not show on the indicators list.
Open the mt4 platform and select the currency pair in which you will use the indicator. Later on, move to “insert”- “indicators”- “customs.” Here you can see trading indicators that are installed in your platform.
To find the indicator that you have installed, you have to scroll down using the mouse and then select.
When you click on the indicator, a new box will appear with indicator settings. Indicator settings might be different based on the types of indicators. Some indicators have a complex setting with many input variables, while some indicators settings are simple.
Variables are indicator settings that are changeable. If you change one variable, it may affect others.
In the above section, we have seen the process of installing indicators on the mt4 trading platform. Furthermore, how to install mt5 indicators on the mt5 platform is almost similar to the mt4.
The mt5 trading platform is advanced and customizable. Therefore, you can do many more things from the mt5 platform, which is often difficult with mt4.