Installing indicators and expert advisors in Metatrader 4

Installing indicators and expert advisors in Metatrader 4

Installing indicators and expert advisors in Metatrader 4

By default, several dozen indicators are installed in the MetaTrader, and it is quite possible to trade only with them. But why limit yourself if you can find hundreds of custom indicators in the public domain and install them in the trading terminal without any problems.

In the simplest case, you need to place the expert Advisor file in the experts folder. Some expert advisors also require the installation of library files, additional scripts to work with, and the General procedure remains the same.

We will analyze the robot installation using the example of the Vector expert Advisor. in addition to the adviser files, you will need to copy the library and settings files to the appropriate folders.
Set of expert Advisor files

In this case, you see 2 expert Advisor files, one with the extension .EX4, and the second is mql4. If you copy both files to the experts folder, you can then edit the robot code. If only the file with the extension .EX4, the expert Advisor will work, but its editing will not be available.

The EA is installed in the following order:

launch MT4, in the file menu, select " Open data directory»;

Select the "Open data directory" item in the window, select the MQL4 folder, open it;
Go to the MQL4 folder
copy both files of the expert Advisor to the experts folder. You can also copy the include, Libraries, and Presets folders that were included with the expert Advisor. When you have a question about merging, just agree with it;
after that, you need to restart the terminal and check whether the expert Advisor that you installed has appeared in the list of user settings. Go to the Navigator and find our expert Advisor in the "Custom" section.;
The expert Advisor is visible in the Navigator, so it is installed correctly. we try to add it to the chart, a window opens with the settings, so everything works;

 

Robot settings are opened after trying to add it to the chart

 

If you right-click on the expert Advisor and select "Edit" in the context menu, you can edit the code of the expert Advisor itself.

Select edit to edit the expert Advisor code

 

As for the installation of indicators, it is performed in exactly the same sequence as the installation of the expert Advisor. The only difference is that you need to copy files to the Indicators folder (located in the MQL4 folder).

There are 2 ways to add the indicator to the chart:

use Insert-Indicators to select the desired indicator and specify its settings.

 


Adding an indicator via the Insert menu


you can simply drag the desired indicator to the chart of the currency pair from the Navigator window. You will also need to specify the settings;

You can drag the indicator directly from the Navigator window to the chart

If you drag the indicator to the field of another indicator and select apply to "First Indicator's Data" in the settings, the new indicator will be calculated based on the first indicator's readings. In the example, the moving average is based on the RSI data.
The moving average in the example is based on the RSI oscillator data
The expert Advisor is added to the chart in a similar way: drag it from the Navigator window to the chart of the desired currency pair, set the settings, and it will start trading.
The fact that the EA is working can be judged by the smiley face in the upper right part of the screen. if the smiley face is sad, then auto trading is not going on. In this case, in the Tools – Settings – expert Advisors section, set the parameters as shown in the screenshot.

 


Settings that allow the expert Advisor to trade automatically

 

In the terminal itself, check the "auto Trade" button, it should be active.

 

The auto trade button must be active for the EA to start trading

 

At any time, you can view the list of indicators installed on the chart of the currency pair. To do this, press the Ctrl + I keyboard shortcut, in the opened window you can delete unwanted indicators, change their properties.

 


List of indicators added to the chart

 

To go to the properties of the expert Advisor installed on the chart, just right-click on an empty space in the window, select the "expert Advisors" item in the context menu and go to the robot properties or delete it from the chart. You can also go to the robot properties using the F7 button.

This is how you can get into the properties of the expert Advisor
Over the years, MetaTrader4 has acquired more than one hundred custom expert advisors and indicators, among which there are often worthwhile algorithms. Any trader can install both the indicator and the expert Advisor independently, which significantly expands the possibilities of automatic trading and chart analysis.

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