How to Add MT4 Indicators
MetaTrader 4 comes with several built-in and custom indicators to boost your trading strategy. These indicators can locate potential market reversals and continuations, providing you with ideal entry and exit price levels. In this article, we discuss MT4 trading indicators and how to add them to the platform.
What is MetaTrader 4?
MetaTrader 4 is a forex trading tool that provides you with advanced tools to automate trading and place orders even when you aren’t actively in front of your screen.
What are MetaTrader 4 indicators?
MetaTrader 4 indicators are technical analysis tools that can identify various market trends and analyse future price movements. They can help determine ideal buy and sell price levels for strengthening your trading strategy.
What are MetaTrader 4 add-ons?
MetaTrader add-ons are a part of the free indicators that the platform provides you with. The MT4 platform comes with multiple add-ons that allow you to customise the platform to suit your trading preferences. Each MT4 add-on serves a different and specific purpose. Hence, you can combine them together to form the ideal trading strategy.
Types of MT4 indicators
There are several built-in indicators that you get access to when you start using the MT4 platform. These tools help you analyse past market performance and place orders according to the expected market movement. Here are some of the most widely used built-in indicators that you get with MT4 –
Freehand Drawing indicator A freehand drawing indicator is a tool that allows you to draw on the charts with a single button. With this tool, you can create trendlines of your own to decide where to enter or exit the market.
Order History indicator An order history indicator is a tool that helps you examine the historical trade entries and analyse the past price movements so that you can replicate the successful trades and avoid the failed ones.
Position Size calculator MT4 also comes with a built-in position size calculator that helps you calculate the ideal trade size that you need to manage your risk appetite. With this calculator, you can determine the stop loss levels, take profit orders and ideal entry levels as well. For each trade, the calculator provides you with lot sizes that will help you limit your losses to some extent.
Renko indicator The Renko indicator is used to overlay charts with Renko bars for a better and easier analysis of the price movements in the market. Using the Renko indicator, you can identify the ideal buy or sell levels and place orders accordingly.
High-Low indicator The high-low indicator helps you identify the historical high and low price levels on different charts in different timeframes. By analysing the historical highs and lows, you can identify the current market trend and accordingly place market orders near the support and resistance levels.
Autochartist indicator An autochartist indicator is a pattern-recognition tool that helps you monitor the forex market automatically. It identifies trading opportunities for you and helps you place orders near the support and resistance levels.
Pivot Points indicator The pivot points indicator is a tool that allows you to gauge all market movements with the help of pivot points. While using this indicator, you can also add additional alerts to the charts to get notified when a currency pair makes a particular price movement.
Zig Zag indicator The zig-zag indicator in forex is one of the basic tools that help determine when the markets are reversing. It allows traders to determine the support and resistance zones, identify price changes and filter price noise, enabling them to place successful trading orders.
Chart Group indicator A chart group indicator is a tool that lets you link several charts with each other, where a change in one chart reflects the change in all the charts. This tool is helpful because the combined charts provide you with more powerful technical analysis and close to accurate potential price levels.
Gann Signal indicator The Gann signal indicator is used to confirm the trading entry and exit price levels. The indicator also helps predict support and resistance levels, based on which you can place orders accordingly.
Alarm Manager indicator An alarm manager indicator is a tool that can be used to manage all the alerts from a single platform, create new alerts and set up notifications for several items. You can use alerts with technical indicators, view and edit them, and merge them with alerts you have created on any window of the MT4 platform to keep up to date with the market movement.
DeMarker indicator The DeMarker indicator is a technical analysis tool that helps you compare the latest high and low price of the currency pair to the last period’s high and low price to understand the demand for the pair in the market. This helps you place a long order accordingly in a bullish market and short order in a bearish market.
Economic Calendar The economic calendar tool/indicator is a separate window on the MT4 platform that shows all the critical economic/financial events that are going to occur in the near future. You can use this information to understand when the market volatility can be more or less to enter or exit new positions.
Custom indicators are programs developed with the MetaQuotes Language 4 (MQL4) by a trader. These indicators can be added to the MT4 platform manually. The trader can modify, change and add the default indicator’s codes and consider important market factors impacting the market trend to create the ideal indicator. Developing a custom technical indicator enables traders to understand whether the current trend will remain the same or reverse. It also provides them with the ideal entry and exit signals. It helps simplify the complicated trading process by keeping the trader’s specific trading requirements in mind. There also exist several free and paid custom indicators on MT4, which you can edit as per your trading requirements. You can download these indicators on your computer and restart the platform to locate the custom indicator added to your navigator panel. To modify the existing indicators, you can execute the modify command that you will find in the ‘navigator – custom indicator’ window. Go to the context menu, where you will be able to open the MetaEditor. Here, you can change the settings/properties of the indicator to customise it as per your preference.
- You can create a custom indicator by using the built-in MetaEditor tool.
- The indicators can be set up by selecting working parameters, and you can change the settings in the ‘window of client terminal settings’ according to your trading preferences.
- The custom indicator can be imposed into the chart after calculating the parameters.
- Delete the custom indicator when you do not want it on your chart anymore and use it again whenever required.
How to use built-in indicators
Built-in indicators need not be added or downloaded since they are readily available on the platform. Here is a step-wise guide to using built-in indicators on MT4 –
Open the MetaTrader 4 platform and click on the ‘Insert’ menu. Step 2:
Select the indicator from the drop-down option that you want to add to your indicator list. All indicators are grouped as per their type, and you can use them individually or together. Step 3:
Select the indicator you want to use and set its parameters according to your trading preference. Here, you can also change the indicator’s colour and style. Step 4:
After you have made the changes to the indicator’s settings, click ‘OK’ to confirm the changes and use the indicator on your MT4 platform.
How to use custom indicators
You can start using a custom indicator after you have downloaded, installed, and added the indicator to the MT4 platform.
Download the customer indicator that you wish to add to the MT4 platform. Step 2:
After downloading the file, locate the folder in which the indicator has been downloaded. In most cases, the indicator will be stored in the downloaded folder of your computer. Step 3:
Open the MT4 platform and select ‘file’ from the top menu. Select the drop-down menu and click on ‘Open Data Folder’. Step 4:
Once you have clicked on the folder, the MT4 folder will open, where all these files are stored on the computer. Step 5:
Open the MQL4 folder on your PC. Then, click on ‘Indicators’ to open the folder. Step 6:
After the above steps are done, restart your MT4 platform or refresh the indicators list on the navigator panel to start using the custom indicators.
Start trading with MT4 indicators today
MT4 platform comes equipped with thousands of in-built indicators and add-ons that help you trade the forex market in a more advanced manner. They help you identify ideal entry and exit price levels, understand when markets are reversing or continuing, and more. Start trading with Blueberry Markets to get access to all the MT4 indicators, build your own custom indicators, and enjoy your trading experience with the MT4 platform through our forex trading platform. Sign up for a live trading account or try a risk-free demo account.
How to Trade With VWAP Indicator in Forex
The Volume Weighted Average Price (VWAP) helps eliminate any unwanted price fluctuations during the trading period.
5 Top ADX Trading Strategies
The Average Directional Movement Index (ADX) strategy measures the forex market’s overall strength.
How to Identify a Trend in the Forex Market
Identifying market trends in forex is also helpful in understanding if your trading strategy is going as per plan and where you can improve.
Forex Trading Robots: How Do They Work?
Forex trading robots make multitasking possible by processing multiple conditions like order entries/exits and entering stop loss orders automatically.
What Are Momentum Indicators in Forex
Momentum indicators measure how strong the price change is in the currency pairs.
How to Use Gator Oscillator For Forex Trading
Gator Oscillator helps in identifying a trending or consolidating market.
What is The Exponential Moving Average
Exponential Moving Average (EMA) helps in understanding the market’s trend direction.
Top Forex Volatility Indicators
Forex volatility defines the risk an investor takes in the market. The higher the volatility, the greater the risk and the higher the potential returns.
How to Use Forex Market Sentiment Indicators
Sentiment indicators in the forex market indicate extremely volatile market conditions.
How to Use The Hanging Man Candlestick Pattern For Forex Trading
The Hanging Man Candlestick pattern provides downtrend reversal signals, which helps traders place sell or short orders to profit off falling markets.
Top MACD Trading Strategies
Moving Average Convergence Divergence (MACD) strategies enable traders to measure market momentum and trend strength.
Top Indicators for MT4
MT4 indicators help analyse forecasted currency pair prices and place exit or entry orders accordingly.
How to Trade Bullish and Bearish Divergences
Bullish and bearish divergences enable you to trade market reversals.
Top Support and Resistance Indicators
Support and Resistance indicators identify price points on the forex chart where the markets can potentially reverse.
What is The Donchian Channel Indicator
The Donchian Channel indicator can determine volatility and potential breakout signals in the market.
How to Install MT4: A Beginner's Guide
MetaTrader 4 (MT4) is a powerful forex trading platform with a user-friendly interface and advanced analytical tools for automating trading.
What are Trendlines in Forex Trading?
Trendlines in forex provide clear market signals for placing long or short orders.
Market Order vs Limit Order
Market and Limit orders help execute automatic trading transactions, as per your trading preferences.
Bearish and Bullish Markets
In the trading world, it is essential to be aware of the bull and bear market trends because they define the direction of the market
How to Read Trading Charts
Trading forex live charts can help identify ongoing market trends, which can help you place successful traders.
Top Reversal Patterns For Forex Trading
Reversal patterns provide traders with price levels at which the market can potentially reverse.
How to Find The Best Forex Trading Signals
Forex trading signals are important market triggers that provide traders with ideal entry and exit price levels in the market.
Top Forex Trading Strategies That Actually Work
Trading in forex, you will come across several forex trading strategies -- some more complex than the others. It is immensely crucial to start forex trading with the right strategy.
Scalping vs Swing Trading: What’s the Difference?
Every forex trader has a different purpose, objective, time constraints, and investment capital. The right forex trading style for you depends on your main trading goals and requirements.
What are Volume Indicators
Volume in the forex market can be used to determine the upcoming market trends. Volume indicators are forex trading indicators that can identify if the volume for a particular currency pair is high or low, providing traders with market continuation and reversal signals
Shooting Star Candlestick Pattern
The Shooting Star Candlestick Pattern can identify bearish market reversals and provide traders with ideal price levels to short or exit the trade.
Top Trading Chart Patterns
Predicting future currency pair prices help in confirming market continuation and reversal signals.
What is Slippage in Forex Trading?
Slippages occur when a currency pair order is executed at a price different from the set market order price.
Buy limit vs Sell Stop Orders in Forex
Placing buy limit and sell stop orders help employ a price control strategy on forex trades. Let's take a look at buy limit vs sell stop orders.
The Best Time Frame For Forex Trading
A time frame is a designated time period where forex trading takes place. Time frames can be measured in minutes, hours, days, weeks, months and years.
Top Technical Indicators in Forex
Technical indicators are a market direction signal based on the current and historical price movement of a currency pair that provides traders with future price expectations
Top Continuation Patterns
A continuation pattern indicates if the current market trend is going to continue in the same direction or not
How to Ace Divergence Trading in Forex
The forex market is all about timing your trades well. Divergences give traders a market reversal signal right before a price trend changes
How To Trade Forex With Japanese Candlesticks?
A Japanese Candlestick is a technical analysis tool used to analyze the currency pair’s price movement in the forex market.
Top Momentum Indicators To Analyse Trend Strength
Momentum indicators are technical analysis tools that determine in which direction the market is headed and how strong or weak the ongoing trend is
Types of Moving Averages Every Trader Should Know
Moving Average is a technical indicator which averages out currency pair prices in a specific time period in order to accurately identify market trend reversals and support-resistance levels.
8 Popular Intraday Trading Indicators
Intraday Trading Indicators help place successful short-term trade orders in the forex market.
What is the Tweezer Candlestick Formation?
The Tweezer Candlestick formation is a reversal pattern that indicates either a market top (strong uptrend) or market bottom (strong downtrend)
Average Directional Index
The ADX is a strength indicator that measures how strong or weak a particular market trend is.
How to Use Elliott Wave Theory For Forex Trading?
The Elliott Wave Theory analyses a currency pair’s long-term price movement in the forex market.
What are Pivot Points in Forex
Pivot Points help traders identify market reversals. With Pivot Points, traders can predict the support and resistance levels of a currency pair to make entry and exit decisions.
Keltner Channel is a technical indicator that provides traders with strong continuation signals and trend directions by assessing a currency pair's price volatility.
Leading vs Lagging Indicators
Leading and lagging indicators help traders measure the future and current performance of a currency pair, respectively. These indicators can help make successful trading decisions.
What is Relative Strength Index?
Relative Strength Index (RSI) helps traders understand how frequently the currency pair prices change in the forex market to predict the future market prices.
Wide Ranging Bars
Wide Ranging Bars are strong momentum indicators that help traders understand the market direction and identify ideal entry and exit points.
Harmonic Price Patterns in Forex
Harmonic Price Patterns allow traders to predict future price movements and trend reversals to make ideal entry and exit decisions in the Forex market.
Double tops and bottoms
Double Tops and Double Bottoms chart patterns help traders identify solid bullish and bearish trend reversals in the Forex market, and in turn, find the ideal market entry and exit points.
Falling and Rising Wedges
When you are trading currency pairs in the Forex market, it is essential to know when the market can possibly reverse. The Falling and Rising Wedges pattern help identify market reversal signals and accurate market entry and exit points.
Forex Scalping Strategy
Scalping refers to trading currency pairs in the Forex market based on real-time analysis. With Forex scalping, you hold a position for a very short period and close once you see a profit opportunity.
Symmetrical Triangle Pattern
Symmetrical Triangle Patterns help identify market breakdowns (price fall) and breakouts (price rise), and in turn, help you plot the entry and exit prices for profitable Forex trading.
Introduction to Technical Analysis in Forex
Technical analysis in Forex trading provides you with significant market trends, reversals and fluctuations and in turn helps you long and short term trades.
Trading breakouts and fakeouts
Breakout and fakeout trading enable traders to take positions in rising and falling markets.
Fundamental Analysis in Forex Trading Explained
Fundamental analysis in Forex trading is one of the several methods you can use to determine the relative security and intrinsic value of a nation’s currency.
8 Top Commodity Trading Strategies
Commodity trading is one of the best ways to diversify your portfolio and protect yourself from losses incurred due to inflation.
What is a Doji Candlestick?
The Doji Candlestick is a pattern used in technical analyses of trend reversals in a market.
Moving Average: The Complete Guide
Moving Average is used in Forex trading to compare the current currency pair pricing and where it stands with respect to the current average pair prices.
What is Volatility Index (VIX) and How Do You Trade It?
One of the most popular trading markets in the world, the foreign exchange market allows investors to make quick money by trading currencies.
Forex Profit Calculator
On average, a Forex trader can make anywhere between 5 to 15% of the initial amount they invested in the market.
Understanding markets gaps and slippage
The foreign exchange rate reveals valuable details about particular currencies a trader wishes to trade-in.
What is a pip in forex?
When trading in the Forex market, you need to have a close eye on two currencies at the same time. PIP helps you denote the change in a currency pair’s value.
Introduction to order types
Order types in Forex trading determine and control how you enter and exit the market.
Using orders to manage risk
Forex risk management includes a robust set of rules and regulations that protect you against Forex's negative impacts.
Managing risk in 7 steps
Risk management in Forex is essential to individuals, groups of individuals, and organizations since it enables them to implement measures that help mitigate Forex risk and its negative impact.
Bullish and Bearish Flag Patterns
Blueberry Markets discusses why it is essential to study the bullish and bearish flag patterns in Forex. Learn more.
Master risk management and
become an expert forex trader.
Move on to the advanced course.
Guide to Forex
Enter your details to get a copy of our
Start a risk free
News & Analysis
Catch up on what you might
have missed in the market.