How to install indicators on MT4 is very relevant to all traders as it allows them to configure analytical tools to point existing or developing market trends. Seeing those trends early gives a trader the ability to estimate where the market is going to go next and take a trading position accordingly. It’s not magical like a crystal ball. The indicators take extensive statistics and probability and visualize them on easy to read add-ons to your MT4 charts.
Installing indicators on MT4 comes down to:
- Downloading the files (.ex4 and .mq4 formats)
- Placing them in the MT4 “Indicators” Data Folder
- Closing and re-starting your MT4 terminal
- Dragging you indicator from the Navigator to the Forex Chart
This guide will teach you how to install indicators on MT4 and add them to your charts.
How to Install Indicators on MT4
Note: this guide assumes that you have already downloaded and installed Metatrader 4. If this is not your case, we suggest that you check our article on how to use Metatrader 4.
Before getting into the details, it is important to clarify that there are two main types of MT4 indicators:
- Built-in MT4 indicators: this group includes pre-installed indicators like moving averages, MACD, ATR, RSI, among others.
- Custom MT4 Indicators: are programs developed independently in MQL4 and they aren’t part of the standard MT4 installation package.
For built-in MT4 indicators, you won’t need to worry about their installation, since in the process of installing MT4 you should see that the indicators files will be downloaded and installed as well.
Moreover, after you complete the MT4 installation, make sure to check the indicators directory in the navigator window of your MT4 terminal:
However, if you need to modify or you want to remove one of the built-in indicators, you can always follow these steps to access the files in your computer:
- Go to your File tab and move down the menu to the “Open Data Folder” selection, this will trigger a new screen.
- Then, you can navigate to the folder that says “MQL4”. In that folder, you will find the next subfolder named “Indicators”.
- After that, you will see the list of all the MT4 indicators files that were pre-installed on your computer. Also, you will notice that all of them come with a couple of files in .ex4 and .mq4, which are the valid formats of MT4 indicators.
- If you perform any changes, you will need to restart your MT4 platform as well.
- Check the indicators directory in the navigation window to verify the changes.
How to Install Custom Indicators on MT4
On the other side, custom indicators work a bit differently as they are specialized tools or analytical add-ons that experienced traders have been building and creating for different purposes. They tend to be for isolated and very specific scenarios versus general market trend tracking.
Installing MT4 custom indicators is not difficult, we will illustrate this process with one of our favorite custom indicators, the Forex Dashboard Multiple Timeframe Indicator for MT4.
You can get the Forex Dashboard Custom Indicator here so you can follow through the steps described below:
Download and prepare the MT4 indicator file(s) so they are ready to go on your computer.
For instance, we have downloaded and saved them in a new folder. Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex4 and .mq4 files:
Then, go back to your Metatrader 4 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT4 program:
Again, go to the “MQL4” folder and the “Indicator” subfolder:
Just like generic indicators, you will need to open the “Indicators” subfolder:
After that, you can drag or copy and paste the custom indicators files to the “Indicators” subfolder:
Close all the folder windows and restart the MT4 program. When MT4 loads again, you should see your custom indicator added to the directory in the navigation window:
How to add MT4 indicators to your charts
It’s time to give your MT4 indicators a try. Go into your MT4 program and choose a currency pair chart.
Next, go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
Note that some indicators might require some inputs to configure their use:
To add a custom indicator to a chart, go to the navigator window and look for the custom indicator that you have previously installed. In this case, we will look for the Forex Dashboard Custom Indicator.
Then, you can left-click it and drag it to your chart.
Wrapping It All Up
The beauty of MT4 is that it comes full of trading tools like indicators, all of which can be customized for how you as a trader want to view the market. And because the charts are designed for maximum translation, even beginners can figure out what a trend indication means in a matter of minutes.
You can use different Forex Indicators MT4 to analyze the market behavior and asses your trades. Find your mix that works best, get comfortable, and learn to make MT4 work for you. Each tool added gives you another window and perspective of the Forex or market data you’re analyzing. And you may very well see a new combination advantage that nobody is picking up on yet doing so. It’s all about continued learning, after all.