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The Metatrader 4 trading platform includes various indicators that you can use even after installing the basic version of the platform. However, you can equally add some third-party indicators to improve and strengthen any of your trading tactics. To do that, you simply need to open the Data folder and find another folder with indicators.
First and foremost, it is to mention that you don’t need to add indicators all the time as Metatrader 4 platform includes several indicators in its basic version. Thus, if you want to start trading with some popular indicators like Moving Average, Bollinger Bands, RSI, or Stochastic, you don’t need to upload anything as those tools are pre-set on the trading platform.
However, if you want to try something new, you will need to find an indicator you want to use and install it. The whole procedure of adding technical indicators looks pretty simple.
To start downloading any third-party indicator, you need to open the Data Folder first. All indicators are located in the MQL4/Indicators folder. Here, you need to find your new indicator and restart the MT4 platform. That’s it. As you can see, the procedure is very simple and requires minimum effort from your side.
Types of MT4 Indicators
Now when you know how to add indicators to MT4, it is time to learn more about the main types of indicators that you can find on this platform. They include trend-following tools, oscillators, volume indicators, etc.
The most popular indicators can be found in two categories — trend-following and oscillators. As you may guess from their names, the first category includes those tools that help you to see the current market trend. Those indicators can be used in various strategies, even in those when you look for market price reversals.
Oscillator indicators are designed to find true market reversals and price correction phases. Combined with trend indicators, oscillators become a powerful tool for you to find out when a previous tendency comes to an end and a new one starts to build.
Adding new third-party indicators to MT4 is an easy task. However, it is recommended to test them before you start using them in various strategies. It is to mention that not all indicators are good. Thus, you can use the MT4 strategy tester feature to find out which one is good for you.