MetaTrader 4 - Adding extra indicators

 

MT4 is extremely powerful

and allows you to add extra indicators

or even to develop and program new indicators.

MT4 Logo

 

 

A.   Adding indicators that are already part of MT4

 

 

There are already several  valuable Line indicators installed in MT4 when you first install the program, like extra Fibonacci - and Gann  indicators, as well as Andrew's Pitchfork.

 

They are not visible when you first run the program and you will have to make them visible by selecting them.

 

 

1.       Look for Line Studies bar at the top left of the screen

 

 

 

2.       Next: Click with the right mouse button (= right-click) on any place on this bar.

3.       In the popup window select Customize at the bottom

4.       You will see this window

 

 

You can select any of the indicators on the left, for example the Fibonacci indicators:

 

 

5.       Drag and drop the indicators on the left to the window on the right, or click on an indicator in the left window so select it, then click insert and it will be moved to the right.

 

In the window on the right you can change the order of the indicators by dragging them up or down or by clicking on the up and down buttons.

 

 

When finished, click the Close button

 

6.       All the indicators that you selected will now be visible in the bar

 

 

All the indicators with F are Fibonacci indicators

 

7.       Click an indicator to select it. Click on the graph where you’d like to add it. Keep the mouse button pressed in and pull the mouse to the graph to add the indicator.

 

8.       If you right click on the graph and select Object list (shortcut = Ctrl B) you will see the line indicator in a list. Select an indicator and click Edit. This will allow you to change certain settings of the indicator.

 

 

B.  Adding indicators that are not part of MT4

 

 

MT4 allows you to create your own indicators or change existing ones if you know how to program.

 

However - there are literally thousands of indicators available on the internet that you can download and use for free!

 

It is advisable not to install every single indicator that you can get hold of. It can slow your computer down.

 

 

Steps to install new indicators:

 

1. Close MT4

 

2. Open Explorer on your computer and go to Program Files (normally on the C: drive).

 

3. Open the folder where your MT4 is installed and copy the new indicators to the subfolder experts / indicators. In other words they must be copied to the folder indicators.

 

4. Run MT4

 

5. You will now see the new indicators in the Indicator list under Custom indicators by clicking on the Indicators icon (Green Plus) at the top of the screen, and selecting Custom.

 

6. Move the mouse over the indicator to select it.

 

7. A popup window will appear which allows you to change certain settings on the indicator (= customize the indicator).

 

8. The indicator will be visible on the graph after you clicked OK.

 

 

You can also add new indicators on a graph by selecting them in the Navigator window on the left of the graphs.

 

You have to drag it on top of a graph to activate the indicator.

 

Change the settings in the popup window if you wish and select OK.

 

 

 

During training I will explain the best ways to use the indicators in order to make the most of market movements.

 

Read more about the Forex Masters Advanced Training Course.

 

 

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Disclaimer

 

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