If you are just starting to trade Forex, you have a lot to learn. One of the most important skills is the ability to set custom indicators on the MetaTrader trading platform. This program comes with a standard set of options, but often there is a need to add your own settings.
This allows you to expand the functions of Metatrader and adapt it to your needs. Before you start learning how to install the indicator in MT4, you should look at two different types of files that can work on this platform.
What it is?
There are two types of files associated with Metatrader indicators, so the settings may seem a little 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.
You 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 type of file is .ex4. Unlike .mq4, it cannot be edited. Remember this, because if a developer or a free Internet resource provides you with such a file, you cannot change it - this provides copyright protection, which often includes candle indicators in MT4.
This is a 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
Having an idea of the various formats, you can learn how to install the indicator in MT4. You can download any of them - both .mq4 and .ex4. If you install the first option, MetaTrader will automatically create the file and will use it in its original form.
Windows
If you are using Windows, open Explorer and go to “My Computer”> “C:> ProgramFiles”. Then find the MetaTrader folder created for the broker of your choice. It is usually called the name of the broker - Metatrader. After that, find the directory with indicators. Then just drag and drop .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 an indicator.
If you have MetaTrader open during the boot process, you will have to close and reopen it so that a new indicator is available.
How to install the indicator in MT4 on other OS
You can also try using Crossover on Mac to launch MetaTrader. If you are using Ubuntu Linux, you can try using Wine. Since Linux is a free and more secure OS than Windows, this may be a great option for you. The only problem is that working with Windows is a bit more complicated. But as soon as you start and configure the system, it works well. It should also be noted that Ubuntu is especially good for older computers or devices with less processing power, such as netbooks.
So, how to install the indicator in MT4 on Linux:
- Click "Places" in the upper left corner of the screen and open the "Home folder".
- Click “File System” in the menu on the left.
- Click "Edit" in the current window in the upper left corner and open "Settings". Check "Show hidden and backup files."
- Click the search icon in the upper right corner of the screen, and in the "Program Type" window, enter Program Files. The search begins.
- Once it is complete, you will find a folder called Program Files.
- Right-click on the directory you were 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 "application. Now enter “C drive” for the name. Type the address of the location you were looking for and click OK.
Now you will see a link on your desktop to the installation location of Metatrader. It is located either at the top level of drive C, or in the Program Files folder, and now you can easily access the service by opening the shortcut. Now you do not need to be a Microsoft user to use applications developed for the products of this company.
Now open your shortcut on the desktop, find the terminal and install your indicators, as usual, in the corresponding 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 on the MetaEditor icon.
The program will open and you will find the indicator 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 do not understand this well, it is better not to touch the system settings.
Where to find new indicators?
The great thing about Metatrader is its widely used platform, for which you can find almost any indicator in the public domain.
However, there is a drawback. You cannot know for sure how well the indicator has been programmed. In no case can it be argued that these free applications 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 sites where you can find the right one. Of course, a regular Google search is always the best place to start searching for accurate MT4 indicators, but you can always use the ready-made offers.
ForexFactory. Since FF is one of the largest Forex forums, it is not surprising that they have a wide selection of indicators and lots of suggestions from users that can help you change and customize them.
FX Fisherman is another large Forex forum with a large repository of MT4 indicators (volume, levels and so on).
MQL4 - The creators of MetaTrader keep their own repository of indicators, which you can use for free.
MQL5 is an indicator library for MetaTrader 5.
Since all of these sources are reliable, you do not need to check each indicator. It is best to learn the trading method that works with it and test this method 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 request has already been developed for free. For example, horizontal volume indicators for MT4 are always ready to use. Even if such settings are not available in the public domain, for little money you can get the functionality that meets your specific needs. Usually, minor improvements are required, such as adding a warning in the form of text messages or signals to the MetaTrader smartphone application.
Conclusion
Finally, even if you have all the possible indicators at your disposal, this does not mean that you should use all of them. 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 figure out the chart and make the correct forecasts.
Many newcomers believe that a larger number of 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 higher the likelihood that they will contradict each other and simply confuse you.
Many of the trading systems recommended by specialists are based on two or three indicators. Sometimes you can even go through a net price action.