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How to Add an Indicator on MetaTrader: A Comprehensive Guide

MetaTrader is a popular platform for automated and manual trading of financial instruments. One of its key features is the ability to add custom indicators, which can help traders make informed decisions based on historical market data. In this blog post, we'll walk you through the process of adding an indicator on MetaTrater.

Prerequisites

Before we begin, ensure that you have the following:

  • A valid installation of MetaTrader 4 or MetaTrader 5.
  • Basic understanding of MQL (MetaQuotes Language), which is used to create custom indicators and scripts.

Downloading an Indicator

There are numerous pre-built indicators available online that you can use directly. To download an indicator, follow these steps:

  1. Go to a reputable source for MetaTrader indicators, such as MQL5 or Myfxbook.
  2. Search for the desired indicator using keywords or filter by categories.
  3. Once you've found an indicator that suits your needs, click on the download link and save it to your local machine. The file will typically have a .mq or .ex4 extension.

Installing the Indicator

After downloading the indicator, follow these steps to install it:

  1. Open MetaTrader and navigate to the File > Open Data Folder. This will open the MQL4/MQL5 folder in your file explorer.
  2. Navigate to the MQL4/Indicators or MQL5/Indicators subfolder, depending on which version of MetaTrader you're using.
  3. Copy the downloaded indicator file and paste it into this subfolder. Ensure that the file name is unique to avoid overwriting existing files.
  4. Restart MetaTrader for the changes to take effect.

Applying the Indicator

Now that the indicator is installed, follow these steps to apply it:

  1. Open a chart in MetaTrader by right-clicking on an instrument in the Navigator window and selecting Chart.
  2. Click on the Insert > Indicators menu at the top of the screen. A list of available indicators will appear.
  3. Find your newly installed indicator and click on it to apply it to the chart. You can customize the settings, if available, by clicking on the gear icon next to the indicator name.

Conclusion

Adding an indicator on MetaTrader is a straightforward process that can greatly enhance your trading experience. With a vast array of pre-built indicators available online and the ability to create custom ones using MQL, you'll always have valuable tools at your disposal. Happy trading!

Published August, 2016