The standard version offered by Forex brokers has plenty of indicators to help technical traders. However, sometimes, there’s the need to customise it.
The MetaTrader 4 (MT4) platform has the inbuilt option of programming new indicators or even trading algorithms. For the ones with a bit of coding experience, it may come handy to program their own programs to use on the MT4.
Or, sometimes traders want to import on the platform a custom indicator they’ve purchased over the Internet. In any case, the way to do that is like this:
- go on to the File/Open Data Folder
- from the new pop-up window, select the MQL4 folder
- paste the indicator in the Indicators folder
Following these small steps is enough to upload the indicator on the trading platform.
Important: However, to use it, more action is needed.
The next thing is to close the trading platform. One of the essential MetaTrader 4 tips is to always close the platform after making any changes. It is the only way to save work (progress).
At reopening, the new indicator appears under the Custom Indicators tab, which can be found in two ways:
- Following the Insert/Indicators/Custom path
- Alternatively, you can open the Navigator (CTRL + N), find the indicator listed under the Indicators category, and click and drag it over a chart.