{"id":7595,"date":"2013-11-05T08:08:57","date_gmt":"2013-11-05T16:08:57","guid":{"rendered":"http:\/\/www.tradingheroes.com\/?p=7595"},"modified":"2024-04-02T00:31:50","modified_gmt":"2024-04-02T07:31:50","slug":"how-to-install-indicators-in-metatrader","status":"publish","type":"post","link":"https:\/\/www.tradingheroes.com\/how-to-install-indicators-in-metatrader\/","title":{"rendered":"How to Install Custom Indicators in MetaTrader 4"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/xHuKv6-9WX0?rel=0&showinfo=0\" width=\"853\" height=\"480\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><div class=\"post-aff-notice\">When you buy something through one of the links on our site, we may earn an affiliate commission.<\/div><\/p>\n<p>If you are just getting started in Forex trading, there are so many new things to learn.<\/p>\n<p>One of the most useful is learning how to install custom indicators in the MetaTrader trading platform.<\/p>\n<p><strong>The video above will show you how to install an indicator right now.\u00a0<\/strong><\/p>\n<p>For more details after you watch the video, keep reading.<\/p>\n<p>MetaTrader already comes with the standard set of indicators, but this post will show you how to add your own.<\/p>\n<p>This allows you to expand the functions of Metatrader and tailor it to your own needs.<\/p>\n<p>Before we get started with how to install indicators, let's take a look at the two different types of files that you will see.<\/p>\n<h2>What The Heck Is The Difference?<\/h2>\n<p>There are two types of files associated with Metatrader indicators, so it can be a little confusing if you have not worked with Metatrader before.<\/p>\n<p>You will need to know the difference, especially if you want to make modifications to your indicator later.<\/p>\n<p><strong>The first type of file is the .mq4 file.<\/strong>\u00a0 This is the important file because it is where all of the programming is stored.<\/p>\n<p>It is basically just a text file that contains all of the source code that a programmer writes the indicator in.\u00a0 If you have Metatrader installed on your computer, the icon will look like this:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/farm3.staticflickr.com\/2832\/11130108325_073586784f_o.jpg\" alt=\"The MQ4 ATR indicator file for MetaTrader\" width=\"252\" height=\"56\" \/><\/p>\n<p>You can see the source code in a text editor or in the MetaEditor program.\u00a0 We will get into how to use the MetaEditor after you learn how to install an indicator.<\/p>\n<p><strong>The second type of files is the .ex4 file.<\/strong>\u00a0 Unlike the .mq4 file, this file cannot be edited. Be aware of this, because if a programmer or free internet resource only gives you the .ex4 file, you will not be able to modify it.<\/p>\n<p>Many times, this is to protect the programmer's copyright.\u00a0 There is nothing wrong with this, but you just have to be aware of it.<\/p>\n<p>It is the &#8220;compiled&#8221; version of the indicator that MetaTrader creates from the .mq4 file.<\/p>\n<p>The .mq4 file is the file that humans can read, but it needs to be converted into a file that MetaTrader can read, the .ex4 file.<\/p>\n<p>You will learn how it does that in the next section.\u00a0 An .ex4 file will usually look like this:<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/farm8.staticflickr.com\/7300\/11130367425_a5b7f5799b.jpg\" alt=\"The EX4 ATR indicator file for MetaTrader\" width=\"249\" height=\"58\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2>How To Install Them<\/h2>\n<p>Now let's get into how to install an indicator.<\/p>\n<p>You can install either the .mq4 or the .ex4 file.\u00a0 If you install the .mq4 file, MetaTrader will automatically create the .ex4 file.<\/p>\n<p>If you install the .ex4 file, MetaTrader can use it as-is.<\/p>\n<h3>Windows<\/h3>\n<p>If you are using Windows, open Windows Explorer and go to <em>My Computer<\/em> &gt; <em>C:<\/em> &gt; <em>Program Files<\/em>.\u00a0 Then look for the MetaTrader folder for your broker.\u00a0 It will usually be called &#8220;BrokerName &#8211; Metatrader.&#8221;<\/p>\n<p>Since I use Oanda, this is what my Windows Explorer looks like. Now go to <em>experts<\/em> &gt;<em>indicators<\/em>.<\/p>\n<p>Then just drag the .mq4 or .ex4 files (or both) into the indicators folder.\u00a0 If you only have the .mq4 file, do not worry.\u00a0 When you open MetaTrader the next time, it will automatically generate the .ex4 file.<\/p>\n<p>If you have MetaTrader open while you are doing this, you will have to close MetaTrader and reopen it for the new indicator to be available.\u00a0 If you are using a Mac and need help installing Windows, this tutorial will <a href=\"https:\/\/www.tradingheroes.com\/how-to-run-metatrader-and-forex-tester-on-a-mac\/\" target=\"_blank\" rel=\"noopener noreferrer\">teach you how to run MetaTrader or Forex Tester 2 on a Mac<\/a>.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/farm3.staticflickr.com\/2819\/11138138794_a3beed468e_z.jpg\" alt=\"metatrader-folders\" width=\"243\" height=\"502\" \/><\/p>\n<p>Now when you open MetaTrader, you will see your new indicator available in the <em>Custom<\/em> indicator menu.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/farm8.staticflickr.com\/7450\/11138256904_dd9f80aa4f.jpg\" alt=\"custom-menu\" width=\"376\" height=\"393\" \/><\/p>\n<h3>Other Ways To Install MetaTrader<\/h3>\n<p>You can also try using Crossover for Mac to run MetaTrader.\u00a0 I have not used it myself, but I have heard good things about it.<\/p>\n<p>The only downside is that I have not heard of anyone running <a href=\"https:\/\/www.tradingheroes.com\/forex-tester-5-review\/\" data-wpil-monitor-id=\"53\">Forex Tester<\/a> successfully on Crossover.<\/p>\n<p>If you are using <a href=\"https:\/\/www.ubuntu.com\/desktop\" target=\"_blank\" rel=\"noopener noreferrer\">Ubuntu Linux<\/a>, you can try using Wine.<\/p>\n<p>This <a href=\"https:\/\/www.forexfactory.com\/showthread.php?t=391556\" target=\"_blank\" rel=\"noopener noreferrer\">great tutorial on Forex Factory<\/a> shows you exactly how to do it. Since Linux is free and more secure than Windows, it might be a great option for you.<\/p>\n<p>The only issue is that it is a little harder to work with than Windows.<\/p>\n<p>But once you get it up and running it works well.\u00a0 I have found that Ubuntu is especially good for older computers or computers with less processing power, such as <a href=\"https:\/\/www.tradingheroes.com\/how-to-build-your-own-low-cost-metatrader-virtual-private-server-vps\/\" target=\"_blank\" rel=\"noopener noreferrer\">netbooks<\/a>.<\/p>\n<h2>How to Open MetaEditor<\/h2>\n<p>If you want to get your hands dirty with coding indicators (or just see what the big deal it), you can open the .mq4 file and take a look at it.<\/p>\n<p>To open MetaEditor, open MetaTrader and click on the MetaEditor icon.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/farm8.staticflickr.com\/7370\/11137896983_d44cdb53bb_o.jpg\" alt=\"MetaEditor For MetaTrader\" width=\"321\" height=\"101\" \/><\/p>\n<p>The MetaEditor program will open and you will be able to see the indicators folder on the right hand side.\u00a0 When you open that folder, you will see all of the indicators what you have the .mq4 file for.<\/p>\n<p>Double click on the indicator you want to edit and you will see the source code.<\/p>\n<p>In future posts, we can go a little deeper into how to program indicators, but since this is just an introduction, we will stop here when it comes to indicator programming.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/farm6.staticflickr.com\/5518\/11137825864_0c8c204064_z.jpg\" alt=\"metaeditor-screen\" width=\"599\" height=\"167\" \/><\/p>\n<h2>Where to Find New Indicators<\/h2>\n<p>The great thing about Metatrader is that is such a widely used platform that if you need a particular indicator, it is probably already available for free on a forum somewhere.<\/p>\n<p>In addition, there may be people on the forums who have programming skills and may be able to customize it for you, for free.<\/p>\n<p>There is a downside however.<\/p>\n<p>You don't know for sure how well an indicator has been programmed.<\/p>\n<p>I'm not saying that these free indicators have purposely been sabotaged. But there are varying degrees of programming skill out there and if you are going to have any money on the line while using these indicators, you had better be damn sure that they are working the way they are supposed to.<\/p>\n<p>So test them out in a demo account before ever trading live.<\/p>\n<p>That being said, here are some of the websites where you can find obscure and not so obscure indicators.\u00a0 Of course, a regular Google search is always the best place to start, but if you feel like browsing, check these out:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.forexfactory.com\/forumdisplay.php?f=69\" target=\"_blank\" rel=\"noopener noreferrer\">Forex Factory<\/a> &#8211; Since FF is one of the biggest Forex forums out there, it is not surprising that they have a wide selection of indicators and people who can help you modify them<\/li>\n<li><a href=\"https:\/\/www.fxfisherman.com\/forums\/forex-metatrader\/indicators\/\" target=\"_blank\" rel=\"noopener noreferrer\">FX Fisherman<\/a> &#8211; Another big Forex forum out there with a big repository of indicators<\/li>\n<li><a href=\"https:\/\/codebase.mql4.com\/indicators\" target=\"_blank\" rel=\"noopener noreferrer\">MQL4<\/a> &#8211; The makers of MetaTrader keep their own repository of indicators that you can use with Metatrader 4<\/li>\n<li><a href=\"https:\/\/www.mql5.com\/en\/code\/indicators\" target=\"_blank\" rel=\"noopener noreferrer\">MQL5<\/a> &#8211; This is the indicator library for MetaTrader 5<\/li>\n<li><a href=\"https:\/\/www.metatraderlibrary.com\/forex-indicators\/\" target=\"_blank\" rel=\"noopener noreferrer\">MetaTrader Library<\/a> &#8211; Their website looks like it is out of the 1990's, but they do have a nice selection of indicators and they give you the .mq4 source code<\/li>\n<\/ul>\n<p>&#8220;Indicator-itis&#8221; can be a black hole of time and energy.<\/p>\n<p>So although you know about these resources, you do not have to try out every single indicator. It is best to learn a trading method that works and use whatever indicator that method uses.<\/p>\n<p>You may find that you do not need any indicators at all, for some methods.<\/p>\n<p>But if you want to experiment, or discover new systems by searching for indicators, these websites are a great place to start.<\/p>\n<h2>How to Get Custom Indicators<\/h2>\n<p>The other option is to get an indicator custom programmed for you.\u00a0 I had some custom programming work done awhile back and it was reasonable and the programmer did a good job.<\/p>\n<p>However, that was an easy modification and I have not had to have an indicator programmed from scratch.<\/p>\n<p>Luckily, much of what you might want custom programed is already out there for free.<\/p>\n<p>If it is not free, many times you can have a similar indicator modified to suit your needs.<\/p>\n<p>What you may need custom programmed is small things like adding an alert to use with your <a href=\"https:\/\/www.tradingheroes.com\/how-to-setup-metatrader-text-message-alerts\/\" target=\"_blank\" rel=\"noopener noreferrer\">indicator text message alerts<\/a> or <a href=\"https:\/\/www.tradingheroes.com\/how-to-get-forex-trading-alerts-on-your-mobile-metatrader-4-push-notifications\/\" target=\"_blank\" rel=\"noopener noreferrer\">signal alerts to the MetaTrader smartphone app<\/a>.<\/p>\n<h2>Conclusion<\/h2>\n<p>Finally, even though you have all of these indicators at your disposal, it doesn't mean that you have to use them all.\u00a0 The more indicators you add, the more confusing your chart becomes.\u00a0 If you think that a chart like the one below is just a joke, I have actually seen ones that are worse.<\/p>\n<p>Many beginners believe that more indicators will give them better confirmation. The reality of indicators is that you should be using as few as possible.\u00a0 The more you have, the more likely they are to contradict and just confuse you.<\/p>\n<p>Many of the best systems that I have seen are based on two or three indicators.\u00a0 Sometimes, you can even get by on <a href=\"https:\/\/www.tradingheroes.com\/ttl003-interview-with-pro-trader-and-forex-mentor-chris-lori\/\" target=\"_blank\" rel=\"noopener noreferrer\">pure price action<\/a> alone.<\/p>\n<p>So I hope that this post has given you the information you need to not only install MetaTrader indicators, but where to find new ones.\u00a0 In a future post, I will show you how to install Expert Advisors (EAs) in MetaTrader, if you would like to automate all or part of your Forex trading.<\/p>\n<figure style=\"width: 640px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/farm4.staticflickr.com\/3679\/11137249174_7f4ff647c2_o.jpg\" alt=\"all metatrader indicators on\" width=\"650\" height=\"391\" \/><figcaption class=\"wp-caption-text\">The more indicators the better&#8230;NOT!<\/figcaption><\/figure>\n<p>Once you learn how to install indicators, be sure to get properly educated with both <a href=\"https:\/\/www.tradingheroes.com\/the-ultimate-free-forex-education-resource-page\/\" target=\"_blank\" rel=\"noopener noreferrer\">free Forex education <\/a>and paid courses to find out trading methods are working for professional traders and which ones are not worth the time.<\/p>\n<p>&nbsp;<\/p>\n<p>\u00a0<\/p>\r\n<p style=\"font-size:0.8em\"><em>Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we wholeheartedly believe in. TradingHeroes.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn how to install custom indicators in MetaTrader4. This allows you to use alert indicators and more. Watch the video to learn the process. <\/p>\n","protected":false},"author":2022,"featured_media":1021447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201007],"tags":[201637],"class_list":["post-7595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading-software-tutorials","tag-metatrader-4-tutorials","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Install Custom Indicators in MetaTrader 4 - Trading Heroes<\/title>\n<meta name=\"description\" content=\"Learn how to install custom indicators in MetaTrader4. This allows you to use alert indicators and more. Watch the video to learn the process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tradingheroes.com\/how-to-install-indicators-in-metatrader\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Install Custom Indicators in MetaTrader 4 - Trading Heroes\" \/>\n<meta property=\"og:description\" content=\"Learn how to install custom indicators in MetaTrader4. This allows you to use alert indicators and more. 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This allows you to use alert indicators and more. Watch the video to learn the process.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.tradingheroes.com\/how-to-install-indicators-in-metatrader\/","og_locale":"en_US","og_type":"article","og_title":"How to Install Custom Indicators in MetaTrader 4 - Trading Heroes","og_description":"Learn how to install custom indicators in MetaTrader4. This allows you to use alert indicators and more. 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Before starting Trading Heroes in 2007, I used to work at the trading desk of a hedge fund, for one of the largest banks in the world and at an IBM Premier Business Partner. Learn more about me here and read more of my articles here.","sameAs":["https:\/\/www.tradingheroes.com\/"],"url":"https:\/\/www.tradingheroes.com\/author\/hughkimura\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts\/7595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/users\/2022"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/comments?post=7595"}],"version-history":[{"count":2,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts\/7595\/revisions"}],"predecessor-version":[{"id":1025293,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/posts\/7595\/revisions\/1025293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/media\/1021447"}],"wp:attachment":[{"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/media?parent=7595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/categories?post=7595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tradingheroes.com\/wp-json\/wp\/v2\/tags?post=7595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}