How can I add and use new technical analysis tools on MetaTrader 4 (MT4)?

*Please be informed that the MetaTrader 4 (MT4) trading platform is no longer available for newly created accounts (investment accounts). It is, however, still available to existing users who have been using the MT4 platform so far. We encourage you to check out our modern, extremely intuitive, award-winning trading platform - xStation 5!

How to add and use new tools on MetaTrader 4 (MT4)

• Before you can begin using your additional tools, you need to make sure they are saved in the correct folder
• Saving the new tool will depend on whether it’s an indicator, script or expert - there are folders for each
• Once you’ve saved your tool, you can find it in MT4 by opening the ‘Navigator’ tab. This tab can be opened either by pressing CTRL+N on the keyboard or by finding the Navigator option in the View tab
• To activate the tool, simply drag and drop it into the chart of interest
• Your tool should now be enabled - if you’re unsure, look for the name of the tool and a ‘smiley face’ in the top right-hand corner of the chart window for confirmation that your tool is enabled and running

Once you’ve selected your additional tools, the next step is adding them to the platform.

Before you can begin using your additional tools, first you need to save them in the correct folder. This folder will have a different name depending on what account you’ve chosen, but for this example let’s say you’ve got a Standard account. The folder will be named ‘MetaTrader Float’. The next folder that should be opened is the “MQL4” folder.

When this folder is opened saving the new technical analysis tool will depend on whether it is an indicator, script or expert. If it is an indicator it should be saved in the Indicators folder, if it’s a script then it should be saved in the Scripts folder and if it’s an expert then it should be saved in the Experts folder.

Source: MT4

After the technical tool has been saved, you will be able to find it in the trading platform by opening the ‘Navigator’ tab. This tab can be opened either by pressing CTRL+N on the keyboard or by finding the Navigator option in the View tab. Once this tab is opened the technical tool will be found either in the scripts, experts or indicators.

Source: MT4

Finally, you need to activate your desired tool in the platform. Once you’ve found it, simply drag and drop it onto the chart you wish to analyse. A new window will appear where you can adjust all the parameters, before clicking OK. Your tool should now be enabled - if you’re unsure, look for the name of the tool and a ‘smiley face’ in the top right-hand corner of the chart window for confirmation that your tool is enabled and running.

Source: MT4