Adding an indicator takes one drag. Removing the fifteen you accumulated takes a decision, which is harder. This lesson covers the mechanics of applying, configuring and installing indicators — and a brief note on why the platform’s ease of stacking them works against most traders.
Applying a built-in indicator
Three routes, same result:
Navigator → Indicators → drag onto chart
Insert → Indicators → category → select
Toolbar indicator button → select
A settings dialog opens before the indicator is applied. This is where periods, colours and levels are set.
The settings dialog
| Tab | Contains |
|---|---|
| Parameters | Period, method, applied price |
| Levels | Horizontal reference lines |
| Visualization | Which timeframes it displays on |
| Colors | Line colour, style, thickness |
Applied price
A parameter most traders leave at default without knowing what it does.
It determines which price each calculation uses — close, open, high, low, median, typical or weighted.
Close is the standard default and appropriate for nearly everything. The alternatives occasionally matter: a moving average on median price behaves slightly differently on instruments with large wicks, which includes gold.
Visualization
Worth knowing because it prevents a common annoyance.
This tab controls which timeframes the indicator appears on. Setting an indicator to display only on H4 and above means it does not clutter your 15-minute chart when you switch down for entry timing.
Editing and removing
EDIT
Double-click the indicator line, or
Right-click chart → Indicators List
→ select → Properties
REMOVE ONE
Indicators List → select → Delete
REMOVE ALL
Right-click → Indicators List
→ select all → Delete
The Indicators List (Ctrl+I) is the reliable route. Double-clicking a line works but requires hitting it precisely, which is difficult with several overlapping.
Installing custom indicators
Custom indicators come as .ex4 files (MT4) or .ex5 (MT5), sometimes with .mq4 or .mq5 source files.
Finding the data folder
File → Open Data Folder
Then navigate to:
MQL4 → Indicators (MT4)
MQL5 → Indicators (MT5)
The data folder is not the installation folder. Using File → Open Data Folder rather than browsing to Program Files avoids a common mistake — copying files to the wrong location, where the platform never finds them.
Installing
1. File → Open Data Folder
2. Open MQL4 (or MQL5) → Indicators
3. Copy the .ex4 / .ex5 file there
4. Restart MetaTrader, or
right-click Navigator → Refresh
5. Find it under Navigator →
Indicators → Custom
If it does not appear, the usual causes are: wrong folder, wrong platform version (.ex4 on MT5 will not work), or the platform was not refreshed.
Compiled .ex4 and .ex5 files are executable code running inside a platform connected to your money. An indicator can read account details and, if it contains trading functions, place orders. Install from sources you have reason to trust — the official MQL5 market, your broker, or a developer with a track record. A free indicator from an anonymous forum post is not worth the access it requires.
Templates
A template saves the entire chart configuration — colours, settings, indicators and their parameters — so it can be reapplied in one click.
SAVE
Right-click chart → Template
→ Save Template → name it
APPLY
Right-click chart → Template
→ select
DEFAULT
Save as “default” and every new
chart opens with it applied
Templates are stored in the data folder under Templates, and can be copied between installations or shared.
Useful template structure
| Template | Contents |
|---|---|
| default | Colours only, clean price |
| trend | Moving averages, ATR |
| gold | Wider settings, ATR prominent |
| review | Daily chart, minimal, for weekends |
Switching templates rather than adding and removing indicators individually keeps charts consistent and takes one click.
A note on how many to use
The platform makes stacking effortless, which is precisely the problem.
The Indicators section of this Academy makes the case in full; the short version is that most indicators are transformations of the same price data. Adding RSI, Stochastic and CCI to one chart does not give three independent opinions — it gives one opinion displayed three times, which feels like confirmation and is not.
A practical limit for most approaches is two or three, chosen because they measure different things. ATR for volatility, a moving average for trend, and price structure itself covers most of what a discretionary trader needs.
If a chart requires scrolling to see all its indicator windows, it is probably harder to read than a clean one.
Indicator windows
Some indicators plot on the price chart; others open a separate window below it.
To resize: drag the divider between windows.
To remove a window: right-click inside it → Delete Indicator Window.
Each additional window compresses the price chart. Three oscillator windows can leave price occupying less than half the screen, which is a poor trade for information that is largely redundant.
Alerts from indicators
Some custom indicators include alert functions — sound, popup or email when a condition is met.
Configure in the indicator’s parameters where available.
For platform-level price alerts, the Terminal’s Alerts tab is more reliable: right-click → Create, set the symbol, condition and price.
These are worth using for the reason the Psychology section gives — an alert at your level lets you leave the screen instead of watching, which removes the main source of impulsive entries.
Custom indicators and signals
A brief practical note.
Some signal services distribute an indicator that displays their signals on your chart. Reasonable, and worth two checks before installing: that the file comes from the service directly rather than a redistributed copy, and that it only displays rather than trades unless you intended otherwise.
An indicator that places orders is an expert advisor in function regardless of what it is called, and should be treated with the caution the next lesson describes.
What to do next
The next lesson covers expert advisors and scripts — automated trading, what the settings mean, and how to verify one is doing what you think.
Frequently asked questions
How do I install a custom indicator in MT4?
Use File, Open Data Folder, then open MQL4 and Indicators, copy the .ex4 file there, and restart the platform or refresh the Navigator. The data folder is not the installation folder — using the menu avoids a common mistake.
Why does my custom indicator not appear?
Usually the wrong folder, the wrong platform version — .ex4 files do not run on MT5 — or the Navigator was not refreshed. Check all three before assuming the file is faulty.
Is it safe to install indicators from the internet?
Compiled indicator files are executable code running inside a platform connected to your money, and can read account details or place orders. Install only from sources with a reason to be trusted — the official market, your broker, or a known developer.
How do I save my chart setup with indicators?
Right-click the chart, choose Template, then Save Template. Naming it “default” applies it automatically to every new chart you open.
How many indicators should I use?
Two or three, chosen because they measure different things. Most indicators are transformations of the same price data, so stacking similar ones gives one opinion displayed several times rather than independent confirmation.
What is the “applied price” setting?
It determines which price each calculation uses — close, open, high, low, median, typical or weighted. Close is the standard default and suitable for nearly everything, though median can behave differently on instruments with large wicks.