Metatrader 4 is a PC software used for trade executions, charting, and technical analysis purposes. In mt4, technical indicators help retail traders to make good decisions while trading.
Like a simple moving average indicator will tell about the market trend. So you can make the decision using this indicator and trade with trend only or according to a specific strategy.
Also, learn about the Renko Charts
Procedure to install the indicator
Here is the guide to installing MT4 indicators in MetaTrader software in windows.
Step 1: Download and copy the MT4 indicator
At the end of each article on our website, you will get a download link. A zip or .ex4 file will be downloaded to your browser by clicking the download link. This will be saved in the download folder on your PC by default.
In the next step, copy the (.ex4) file by right click on the mouse. If you have downloaded the zip file, then extract the zip file and copy the (.ex4) file.
Step 2: Open MT4 software
Now open the MetaTrader 4 software.
You will see many options in the header in the top left corner. Click on the “File” option, and a drop-down will open.
From the drop-down, click the “Open Data Folder” option.
A new folder will open with many subfolders. Next, you will have to click on “MQL4” then click on “Indicators.” Now paste that file here and close the MetaTrader 4 software and this folder.
Step 3: add the indicator to the chart
Again, open the MetaTrader 4 software, and in the top left corner, press the “view” option and select the “Navigator” option.
A side window will open, and then find your custom indicator and drag that indicator to the chart.
Step 4: Allow DLL imports
When you drag the indicator to the chart, a separate window will open. Check the “Allow DLL imports” option in the common tab and press “Ok.”
Now your indicator will be displayed on the chart.
This is the complete guide for the installation of MT4 indicators.