Metatrader 4 offers a list of default indicators that comes with the basic installation of the platform; these indicators are the major ones, known and used by many traders.
Now, what happens if your strategy requires an indicator that is not available ?
Mt4 is made in a way that you can plug “custom indicators” to your platform. This will give you the possibility to have many different types of indicators as long as they are coded in the MQL4 language (extension .mq4)
How does it work and how to do it ?
First of all you need to find your indicator, google is your best friend here.
MT4 being one the most popular software for online trading, the community of programmers and traders is incredibly big and indeed there are tons of websites and forums dedicated to MT4 Indicators. Many of them are actually developers exchanging their ideas so you can get your custom indicator for free.
If you don’t find what you want with google, Metaquotes themselves have one of the biggest database of indicators for free it’s called the CodeBase : https://www.mql5.com/en/code
No doubt that you will find what you want there once again totally FREE !
Yes, you understood well, there is no reason why you should pay for indicators unless you are looking for something really specific.
Now let’s have a look at how to plug the indicator to your MT4
1 – Open your platform and navigate to the “data folder” of MT4, you can do this by clicking on “File” and then “Open data folder”
2 – Copy your indicator’s files, there should be two files : .EX4 and .MQ4
3 – Go back to the data folder we opened, click on the folder “MQL4” and then “Indicators”
4 – Now just paste your .EX4 and .MQ4 indicator files.
5 – Restart MT4
6 – Insert your new indicator by clicking on “insert” then “indicator” and finally “custom” it should appear in the list, If it doesn’t repeat the above steps once again.
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