How to Install Indicators on MT4
A lot has been said about trading indicators – how they are reliable and how they can improve not just your trading skill, but also your income. But if you don’t know how to install indicators on MT4, you won’t enjoy all the inherent benefits that come with an indicator. On our website Best MT4 Indicators we do weekly indicator reviews.
Given this, we have decided to put up a guide to show you how to install indicators on MT4. Before we proceed to the step-by-step guide, let’s quickly list all the technical indicators and classify them into 4 categories for you to understand.
Categories of Technical Indicators
Indicators According To “Trend”
1. Moving Average
2. Average Directional Movement Index
3. Parabolic SAR
4. Standard Deviation
5. Bollinger Bands
7. Ichimoku Kinko Hyo
Indicators According To “Oscillator”
1. Relative Vigor Index
2. Force Index
4. Stochastic Oscillator
5. Average True Range
6. Commodity Channel Index
8. Bears Power
9. Bulls Power
10. Moving Average of Oscillator
11. Support and Resistance Indicator MT4
12. Relative Strength Index or (or RSI)
13. Williams’ Percent Range
Indicators According To “Volumes”
1. On Balance Volume
2. Accumulation / Distribution
3. Money Flow Index
Indicators According To “Bill Williams”
1. Awesome Oscillator
4. Gator Oscillator
5. Accelerator Oscillator
6. Market Facilitation Index
Let’s now walk you through the installation processes. This process is virtually the same for all the indicators listed above.
How to Install Indicators on MT4
To successfully install any of these indicators on MT4, you need three important things – a stable internet connection, the indicator file, and an MT4 account with a reputable brokering firm.
You can choose to download any of these indicators online or buy directly on the MQL market. Once downloaded, always remember where you saved the file on your PC; otherwise, this guide will not work out.
Here is the step-by-step guide:
To Install Built-in Indicators on MT4
Built-in indicators include MACD, moving averages, RSI, and ATR, among others. These indicators are pre-installed on the MT4 trading environment.
These indicators are already downloaded as you install MT4. Check the indicators directors, and you will easily find them. If you need to monitor any of them or you want to delete any of them, follow the steps below:
1. Click your file tab and select the “Open Data Folder,” Once you select this folder, it will open a new window.
2. Look out for the folder titled “MQL4”.
3. Click the MQL4 folder and navigate to click a sub-folder titled “Indicators”.
4. The sub-folder will open up a list of all the pre-installed indicators.
5. You can delete or modify any indicator at this point, but remember to restart the MT4 trader to save your settings.
6. You can verify the changes by checking the indicators directory.
To Install Custom Indicators on MT4
Custom indicators are those technical indicators that are not pre-installed on the MT4 trader but are usually developed independently by trading experts in MQL4.
Installing custom indicators is pretty simple and straightforward. Follow the steps below:
1. Download the indicator you want to install from the internet or purchase the same from the MQL4 market.
2. Save the indicator in a new folder and give the folder a name
3. Note that some indicators come with “rar” extension, which means you have to extract the .mq4 or .ex4 file.
4. Launch your MT4 trader
5. Click your file tab and select the “Open Data Folder,” Once you select this folder, it will open a new window.
6. Look out for the folder titled “MQL4”
7. Click the MQL4 folder and navigate to click a sub-folder titled “Indicators”.
8. Look out for the indicator you downloaded or bought from the MQL4 market
9. Copy and paste the indicator to the “indicator” sub-folder you opened earlier.
10. Restart the MT4 trader and Look out for the new indicator on the indicators directory on MT4.
How to Add Indicators to Your Trading Chart
In order to test the functionality of your newly installed indicator, you need to add it to your trading chart. Follow the steps below to do that:
1. Go to your MT4 program
2. Choose any currency pair of your choice
3. Click your file tab and select the “Open Data Folder,” Once you select this folder, it will open a new window.
4. Look out for the folder titled “MQL4”
5. Click the MQL4 folder and navigate to click a sub-folder titled “Indicators”.
6. Choose the indicator you want to add to your trading chart and drag it to the chart.
Final Words On How To Install Indicators on MT4
One of the numerous benefits of using MT4 trader is that, by default, it comes with lots of indicators pre-installed. You can also download or purchase any indicator that is not pre-installed. The installation process we have explained above is very simple and straightforward. We encourage you to follow the steps accordingly and leave us feedback if you experience any challenge.
Lastly, there are tons of technical indicators on this platform that you can leverage to enhance your trading strategy, and also improve your trading income. You can check out the indicators here, as we conduct backtesting on the indicators and ensure they are fit for purpose before recommending them to our esteemed viewers. Hence, we believe that our guide on how to install indicators on MT4 has been of great help. Also do not forget to check out our Top 10 mt4 indicators page.
Furthermore, if you have any concerns, don’t hesitate to reach us via the comment section below on Best MT4 Indicators.