In addition to the predefined indicators available on MT4, you can install many other indicators created by traders to make trading more suitable and effective. This article shows you how to add custom indicators to MT4.
Step 1: Download custom indicators on your Metatrader 4 (MT4)
You can download more indicators by visiting the indicators repository for MetaTrader 4 here. Before that, however, you will need to log in to your MQL5 account.
If you do not have an account, register by entering the ID and email you used to open the trading account. Then you will receive an email with your MQL5 login information. Activate your account and you can use it right away.
Indicators on MQL5 are divided into groups: popular (popular), new (new), free (free) and paid. Depending on your needs, click on the indicator you want to download and hit the “Download” button. A new window will appear. Select “Yes, I have Metatrader 4” > “Open Metatrader“.
Immediately after, the installed indicator will be displayed in the Navigator window > Indicators > Market.
Step 2: Run the downloaded indicator on MetaTrader 4
After the installation is complete, you can add the newly installed indicators to the MT4 chart
- Double-click the left mouse button on the indicator you just installed (under Indicators > Market) as shown below. Or right-click on the indicator > select “Attach to a chart“.
- A pop-up window appears; click OK to install. Or you can change the indicator settings as you like and then press OK.
At this point, you have finished installing the indicator and adding the indicator to the MT4 chart. You can then use it to perform technical analysis. Installing EAs and scripts is similar to how to install the indicators we just instructed. Just note, in step 2, when you add EA to the chart, instead of selecting Indicators, you need to choose Expert for EA or Script if you want to install multiple scripts. Good luck with your trading!