Custom indicators are one of the more popular items to share on sites like Forex TSD and FX Fisherman. If you’re new to MetaTrader 4 and need help installing indicators, this page will walk you through it step by step. You might also consider watching the YouTube video.
You first need to download the indicator as an .mq4 or .ex4 file to your computer. .mq4 simply means that the person sharing the file chose to give you access to the original code. An .ex4 file means that you cannot access the contents. Rest assured that either file type will work properly in MetaTrader.
The most common issue that the “computer literacy challenged” face is that they can’t remember where they downloaded the file. If you fall into this category, I recommend that you download the file to your desktop. That way, you don’t have to worry about losing it.
The only critical step in this process is to make sure that your custom indicator eventually makes it to the correct folder. The correct folder will vary slightly based on your operating system and broker.
If you use MB Trading and your computer uses Windows XP, then the correct location to put your indicator is:
C:\Program Files\MBT MetaTrader 4\experts\indicators\
If you use Alpari with Windows Vista or Windows 7, then the correct location would be:
C:\Program Files (x86)\MetaTrader – Alpari UK\experts\indicators\
You’ll notice that after the first “\” slash, it’s always “Program Files” or “Program Files (x86)”. This is the only part that changes with the operating system that you use. The broker, which comes after the second “\”, does not follow any convention. A lot of brokers place the word MetaTrader in front of the broker name. Not all brokers do this, however. You’ll have to search through each available folder to find the right one for your broker.
If you have MT4 open, then you need to close it before you can use the indicator. Once you reopen MetaTrader 4, you’ll see the file located in “Custom Indicators” in the Navigator.
Email a custom MetaTrader indicator
Emailing a custom MetaTrader indicator is essentially the installation process in reverse. Write an email message like you would to anyone else, then click the attachment button. A new window will pop up and ask you where to find the file. You’ll need to navigate to the same folder directory that I described above.
Push “attach” or “open”. Write out your email message, then push send. Your MetaTrader custom indicator is on its way to your trading friends.