The MT4 Forex Trading platform provides traders the opportunity to add custom indicators and expert advisors as part of their trade tools. This is one feature which makes the MT4 so popular among traders. To be able to use your indicators and expert advisors, it is important that you understand how to install them correctly. This tutorial goes through the various steps that you must follow to accurately perform the required installations.
Installing Custom Indicators on MT4
Custom indicators have to be coded with the Metaquotes Language version 4 (MQL4) to be compatible with the MT4. Therefore, it is assumed that the trader has an indicator coded with MQL4. To attach it to the chart, the first step is to add the indicator to the relevant folder so that it appears under the Custom Indicators subfolder.
Step 1: Adding the Custom Indicators to the Right Folder
First, open the instance of the MT4 platform where you want to add the custom indicator. When this is open, click on File on the top navigation menu, and then click on “Open Data Folder” in the drop-down menu. This will open the data folder on your computer.
Step 2: Add the Custom Indicator(s) to the Data Folder
In the Data Folder, click on MQL4 -> Indicators. This opens the Indicators folder. This is the folder where the custom indicators will be added.
Step 3: Paste the .mq4 or .ex4 indicator file into the open “Indicators” folder
Take the custom indicator files from their location on your PC and use Ctrl + C to copy and paste the files to the open Indicators folder, then restart your MT4 platform by closing it and opening it again. By now, the custom indicators will be available for use from the Indicators tab in the navigation menu on the left, or from the Insert -> Indicators -> Custom Indicators folder pathway.
Please note that this process replaces the old method where the indictors could be copied and pasted directly into the Indicators folder, which was a standalone subfolder in the folder housing the MT4 client.