MT4 custom indicators are the trading tools that you can buy inside or outside the MQL5 market, or you can build it yourself. In some cases, aftermarket indicators are better than official ones because they are made to fit a specific trading strategy. If you bought an MT4 custom indicator, make sure it has the correct file name extension ( part of the name after the dot ). It should be ”.ex4”.
Ok, let’s see how to install it on your MT4 platform.
If your indicator came inside zip file -unpack it and save it into a folder in Desktop. If it came just as .ex4 file, place it in a folder in Desktop for easy access.
Open the MT4 platform and navigate to the top panel. Find a MetaEditor icon.
Click it, and another window will open on your computer.
This new window is called MetaEditor.
Many traders are not familiar with a code editor, and that is fine. After all, you are using MT4 for making money and not for software development.
Now look on the left. You should see a directory of folders. We are only interested in a folder called Indicators.
Right-click with the mouse (or trackpad if using a laptop ) and choose option – Open Folder.Another window will open. This new window is a place where you paste your custom indicator.
If you finished coping, please go back to your MT4 platform.
Now the only thing left to do is to refresh the list of indicators. Right-click on Indicators label and choose Refresh option.
That’s it. You should see your custom indicator among other trading tools inside the Indicators folder (alphabetical order).
To use your new indicator, double click on its name or drag and drop on the chart.
The indicator used in this article was HMA – Hull Moving Average
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