How to Install Indicators on MetaTrader 4 | Step-By-Step Guide

Do you want to know how to install indicators on MT4? Moreover, do you want to learn how to use a custom indicator on your charts? If you are new to the MetaTrader 4 platform, then this article will help you learn about the ins and outs of it.

Further, if any of the following questions have come to your mind, then this is the tutorial you need.

• Where do I save an MT4 indicator I found online? What folder?
• How do I install the indicator?
• How do I open the custom indicator on my MetaTrader 4 chart?

Well, you are lucky because you have come to the right place. We have the answers to these questions. So, let’s get started.

Types of Files

Before we begin, it is essential to understand that there are two types of files when it comes to MetaTrader indicators. Also, you should be aware of what the difference between the type file types is.

So, the first type of file is the .mq4 file, and it is a text file. Typically, all of the programming is stored in this file. Also, it contains all of the source code that a programmer writes the indicator in. Moreover, the .mq4 file can be edited. On the other hand, the second type of file, the .ex4 file cannot be modified. 

Typically, the .mq4 file is readable for humans. Further, this file needs to be converted into a file that MetaTrader can read, and that is the .ex4 file. It is essential to know that you need both files. Otherwise, you won’t be able to modify it.

How to Install Custom Indicators in MetaTrader 4

As you probably know, MetaTrader 4 comes with a standard set of indicators. However, currently, there are thousands of custom indicators online. Moreover, some of them are free, and others are paid. As a trader, you will come across them as they are sprinkled across thousands of Forex websites.

However, many inexperienced traders have no clue how to install the custom indicator once they have downloaded the file. Some even don’t know what folder they have to save it to. Luckily, we are here to help. We will show you how to install custom indicators in MetaTrader 4 in five simple steps.

Five Steps to Installing Custom Indicators in MT4 on Windows

So, the first step is to locate and copy the MT4 custom indicator file on your computer. We will assume that you have already downloaded the file to a random folder. Generally, most computers automatically download all files to the “Downloads” folder.

The second thing you need to do is to open the “Data folder.”

Afterward, open the MQL4 file and search for the “Indicators Folder.”

Once you open the “Indicators Folder,” you need to paste the files from step one.

The last step is to restart MetaTrader 4.

How to Use a Custom Indicator on Your Charts

Now, to use a custom indicator on your charts, you need to follow the steps below.

Step 1: Open your MetaTrader 4 platform

Step 2: Go to “View” and click on the “Navigator” panel

Shortcut: Ctrl+N

Step 3: Search for “Custom Indicators” and double click it. Then you should be able to see the newly installed indicator.

Step 4: Then double click the indicator. After the “Indicator Properties” window appears, click OK.

Make sure the Allow external experts imports is marked.

Bottom Line

Now that you know how to install custom indicators on MT4, you can tailor it to your own needs by personally choosing the functions. As MetaTrader 4 is a widely used platform, nowadays, almost any particular indicator could be available for free on a forum. Further, don’t download and use many indicators. The more indicators you use, the more confusing your chart will be.

Also, the significant part about this is that usually programmers or other traders share those files on the forum. And if you want to customize the indicators, someone with programming skills may be able to help you, for free.

However, if you don’t want to spend hours searching through forums online, you can try the following sources. On these websites, you can find thousands of indicators.

• Forex Factory
• FX Fisherman
• MQL4
• MQL5
• MetaTrader Library
• 35.com