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Install custom indicator

On MetaTrader4 (MT4) / MetaTrader5 (MT5), you can install indicators of your choice aside from the pre-installed technical indicators. The indicators installed by users, or custom indicators are used for chart analysis, changing time zones, and many other purposes.

Here we will look at how to install an indicator on MT4/MT5. The custom indicator installed here as an example is our free "Currency strength indicator".

Switch between MT4/MT5 tabs to check the steps for each.

Step 1

Click "File" in the menu and select "Open Data Folder".

Step 2

Open the "MQL4" folder.

Step 3

Open the "Indicators" folder.

Step 4

Save the indicator you wish to install in the "Indicators" folder.

Save the custom indicator in the Indicators folder

MQ4 files need compilation

Files with the "mq4" extension are EA source code files. This file can also be stored in a folder, but cannot be used unless converted into an "ex4" file by a process called "compilation". Double-clicking on the file name will automatically launch the MetaEditor, an editing software for MQ4 files, and then you can compile the file.

Note that if you put the MQ4 file in the folder as it is and click the "Refresh" button as in step 5 on this page, the compilation will be performed automatically. However, with this method, any error messages will not be shown in case the compilation fails, so we recommend using MetaEditor to compile the file.

Step 5

On MT4, right-click on "Indicators" in the Navigator and click "Refresh".

Step 6

Once the indicator is installed, you will see its name under "Indicators" in the Navigator. Apply the indicator to the chart by double-clicking or dragging.

Step 7

Set up the custom indicator and click "OK". Tabs displayed vary depending on the indicators. The "Inputs" tab is the most common one.

Step 8

The custom indicator will be applied to the chart.

Step 1

Click "File" in the menu and select "Open Data Folder".

Step 2

Open the "MQL5" folder.

Step 3

Open the "Indicators" folder.

Step 4

Save the indicator you wish to install in the "Indicators" folder.

MQ5 files need compilation

Files with the "mq5" extension are EA source code files. This file can also be stored in a folder, but cannot be used unless converted into an "ex5" file by a process called "compilation". Double-clicking on the file name will automatically launch the MetaEditor, an editing software for MQ5 files, and then you can compile the file.

Step 5

On MT5, right-click on "Indicators" in the Navigator and click "Refresh".

Step 6

Once the indicator is installed, you will see its name under "Indicators" in the Navigator. Apply the indicator to the chart by double-clicking or dragging.

Step 7

Set up the custom indicator and click "OK". Tabs displayed vary depending on the indicators. The "Inputs" tab is the most common one.

Step 8

The custom indicator will be applied to the chart.

Created

: 2023.03.17

Last updated

: 2024.01.30

Writer

Takayoshi Nakamaru

Manual production consultant, MBA

Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.

【Business information】
http://www.fintecs.co.jp/profile/

Supervisor

Akira Takagi

Systems engineer, MetaTrader administrator

After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.

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