How to Download and Add Custom Indicators from MQL5 on the MT4 Platform

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Video Transcription:

Hello traders. Welcome to the advanced MT4 course, and the second module, platform tools. In this video, we are going to teach you where to look for custom indicators and how to install them on your MT4 platform.

To know where to download custom indicators and to understand what you need to be looking for is very important as you develop yourself as a trader, because once you go on your learning path, you will notice that when you try to create your own trading system, sometimes you’re looking for an indicator that is the piece of the puzzle that is missing. And the MT4 sometimes or the MT4 E4 indicators sometimes are not good enough for what you’re looking for, but there is a very large community of coders that allow you to look through their custom indicators and look for what you’re looking for.

So let’s go to the MT4 platform, and I’m going to show you where to go on your browser. The first thing you want to do is to go to a site called mql4.com. Then you want to hit on code base and indicators for the MetaTrader 4. You have to go to mql5.com then hit code base, then hit indicators for MetaTrader4. Here you will find all the custom indicators that these community members have coded.

MQL4.com

For example, let’s say that you are looking for an indicator that will allow you to know when price is trending and when price has shifted its trend or it has reversed. What you are going to do is you’re going to go here to the search box and go on trend. Of course, you have to click on code base, and here are all the indicators that have hit in the description that you searched for. So here we have a trend indicator. Let’s open it up on a new tab, and let’s keep on looking on the other indicators that we have on the list.

Trendline Indicator MT4

We have the forex indicator price decrease with trend alerts, let’s have a look at this one, too; trend indicator for several time frames, let’s have a look at this one, too. And let’s go to the next page. As you can see, we have the Trendline Crossing, Easy Trend Visualizer, Trend Score, and there is one that is called Awesome Trend Indicator that I think I’m not going to find that right now. But because this is a demonstration video, it’s fine with the ones we have right here.

So whenever you click on an indicator, you will have the author of the indicator, the description of the indicator, and of course, you’re going to have an image. In this case, you will see that the indicator is . . . I don’t see [inaudible 00:03:05] indicator that will tell you when the trend is up, when you have a strong up trend, a down trend, a correction, et cetera. You’ll have to read through the description, the recommendation, and the images, et cetera, and if it’s not what you’re looking for, you move to the next one. And this is not what I’m looking for, so I’m going to look at the forex indicator price decrease with trend alerts.

This is a pretty neat indicator that gives you the degree angle of the trend, but I’m not going to use it, because I don’t have any use for it on my system. This other indicator, this one is pretty cool. Actually, this is very much like the one I was looking for that is called Awesome Trend Indicator, that shows you when the trend is up or down, and the moving average-like line changes color. If these other two indicators are not the ones that I’m looking for or the ones that feed my system, I think I’m going to do the demonstration with this one.

Let’s say that this is the one I’m looking for, and if it’s not the one you’re looking for, you can always download it and try it on your charts. If it doesn’t fit your system or if you don’t understand it, you just delete it and move on to the next one. But let’s download this indicator right now. Okay, we have downloaded this one right here and I wanted to show you this one because I’m going to actually use it on my own system. This is an indicator that will alert you when price crosses with a trend line, which I find very useful.

Right now, let’s see the demonstration. This is what’s cool about this site. You can find things that you thought you would never find. These guys have made it possible for you to have it for free. I think this is a great indicator because if you’re a technical trader like me, and you are looking for breakouts, sometimes you are going to be late and are going to miss the opportunity or the trade opportunity. But with this indicator, you’re going to be alerted every time price breaks, with a structure, just like in this case. So let’s download it, too.

All right. We have downloaded the first one. Once you have downloaded the indicator, you open up the zip file and you double click on the indicator. You can see that it has a 4 right here. It means that this file is written on MQL4 language, so it means it’s an MT4 indicator. When you double click it, it’s going to open in the Meta editor for MQL4. This is what the indicator looks like behind the chart. You don’t have to worry about it. What you do right here is just save it, and you close it. Once you close it, you have to close and re-open the MT4 so the indicator is refreshed and updated on the custom tab, because you can see right here we don’t have it right now, but once I restart my MT4, I’m going to find it. So let’s do that.

Adding custom indicators

Adding custom indicators

So I’ve just restarted my MT4 platform and what you want to do is just click on a chart and go to custom and look for the indicator that you just downloaded. In this case, it is the Trend O Period. You can see that you have the information of the developer right here on this tab, and you have the inputs. You can modify the size font and the corner on which you want the alerts to appear, et cetera. Every indicator has different inputs that you can modify, and in this case, these are the inputs that you can actually modify on it. So you click on okay and you go on a lower timeframe, on a 50-minute and here you go. This is the indicator that we just downloaded, and as you can see, on the one minute time frame, we have an uptrend; on the five-minute, an uptrend, et cetera. On the higher time frames, it is a downtrend. It’s not quite like the description that we saw on the MQL5 site, but you get how to look for custom indicators, where to look for them, how to download them, and how to attach them on your chart.

Of course, you can always attach them by using the navigator window and going to indicators, and just grabbing and releasing in front of the chart. There you go. If you want to modify where the information of this indicator appears, you just go to indicator list, you double click on the indicator, and just modify it. Voila!

And that’s how you look for custom indicators and how you correctly attach them to your charts.

Adam

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