Downloading a MetaTrader 4 indicator
Forex traders use various software tools and platforms to perform detailed technical and analytical research so they can make the best trading decisions possible. The most common trading platform is the MetaTrader 4. Because of its user-friendly design and features, MT4 is quite renowned among retail traders of all financial markets—particularly the Forex market.
No matter how much you know about the market, MT4 has built-in and customizable indicators to help you learn more. You must now be wondering how to access and download MT4. This TU guide explains how and where to download MT4 indicators. So let's get started!
Where you can download MT4 Indicators
The indicators you use depend on the MT platform you're using, but the most important ones are usually already there when you install the platform. And if you want to use extra ones that don't come with the platform, you can always go to the website of the platform or the website of your chosen broker and download them yourself.
You can also download the most useful MT4 indicators from the TU website. Just click on the link below to find them.
How to download and install MT4 indicators
Go to the website of your chosen broker or platform and find the link to download MT4 indicators.
Click on the link to download MT4 indicators.
Choose the indicator you want to download and click on the download button.
Follow the instructions to install the indicator on your MT4 platform.
Or
Scroll down and find the list of free MT4 indicators.
Choose the indicator you want to download.
Click the download button to download it.
The list of free MT4 indicators
The indicator will now be downloaded to your device. Install it on your MT4 platform to start using it.
How to install MT4 indicators
If you've already decided on the MT4 indicators you intend to use, you might be unsure what to do with the MQ4 files you downloaded. Some traders might have also had trouble with the setup process. Don't worry, TU also gives you clear, step-by-step instructions on how to install your selected indicator.
Step 1: First, store the downloaded indicator files and make a new folder on your PC.
Step 2: Go to the website for the Forex indicator that you wish to download.
Step 3: If the downloaded file is a RAR or Zip archive, open it and copy the contents into the folder you created in the first step.
Step 4: Select File from the top menu of your MetaTrader platform. Then, select Open Data Folder from the resulting menu, as seen below. When you click on it, an MT4 folder where files are often kept, will open.
The File button in the top menu
Step 5: Open the MQL4 file.
The folder with the MQL4 file
Step 6: Click on the Indicators folder as shown below.
The Indicators folder
Step 7: Once finished, you can either restart the MT4 platform or update the Navigator panel's list of indicators. If everything went as planned, you should now be able to see the new indicators in the program's tab. Before you use the newly installed indicators, make sure they have all the necessary settings and parameters.
FAQ
Which is the best MT4 indicator for scalping?
The EMA indicator is thought to be one of the best indicators for scalping because it reacts faster to recent price changes than to price changes that happened in the past. Traders use this technical indicator to find out when to buy or sell based on how the historical averages cross or move away from each other. These signals may then be used to make trading decisions.
How are MT4 and MT5 different?
While it would appear that MT5 is an improved version of MT4, this is not necessarily the case. On the other hand, MT5 lets you trade futures, stocks, and CFDs, while MT4 is mostly just a Forex trading platform.
Can I add a custom MT4 indicator on a mobile platform?
Because the Android and iOS platforms do not permit changing the app's code and do not enable any preprogramming of the installed app, it is not possible to install custom indicators on the MT4 Android platform. The iOS platforms also do not allow preprogramming of any kind. You can't add indicators, scripts, or expert advisors to the mobile app. You can only do this on the desktop versions of MT4 and MT5.
What is the purpose of a broker in MT4?
You can only perform real trades through a broker. You will need to open an account with a broker that supports MT4.
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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2
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
Scalping
Scalping in trading is a strategy where traders aim to make quick, small profits by executing numerous short-term trades within seconds or minutes, capitalizing on minor price fluctuations.
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4
CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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5
Index
Index in trading is the measure of the performance of a group of stocks, which can include the assets and securities in it.
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Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.