MetaTrader 4 (MT4) is a beloved tool in the trading community, and a large part of that comes from its versatility. Already at a base, it offers a solid core trading experience with strong tools for different situations. Nevertheless, what truly sets it apart is the ability to modify the forex trading platform beyond what comes out of the box.
Custom programming and community MT4 Support
MT4 has a custom programming language for creating indicators, EAs, and more for the platform, its community is massive, and it has been around for 15 years.
These three facts combined result in an enormous array of custom tools being created for just about any trading situation a trader may encounter. And as the prominence of online trading grows and more retail traders join the fray, the number of tools only increases.
Simplifying the installation of MT4 custom tools
However, installing these may seem daunting. Generally, when forex trading platforms are customised, there’s some fiddling needed and things can go wrong easily.
As such, many have a general fear of installing proprietary solutions. Luckily, in MetaTrader 4, that process is quite simple, and this article will walk traders through it.
Understanding custom indicators and templates
Before adding these custom tools, it’s wise to research them and ensure there’s complete comprehension.
Custom Indicators Explained
Indicators are visual tools that can help traders locate key points in charts, better understand price action, and identify trends. MetaTrader 4 includes 30 indicators by default, making the selection quite solid. However, these are fairly basic, and many traders prefer something suited to their strategy or trading style in particular. That’s where custom, community-made indicators come in.
These aren’t better per se, but rather more specialised. They are often constructed to fit a specific strategy, market condition, or asset. They can combine multiple base indicator types into one, modify them in some way, or do new things altogether.
MetaTrader 4 users can download these templates from various sources (which will be covered in a moment). They then integrate these into their forex trading platform, at which point they can use them in the same way they do with baseline indicators.
Templates: Saved chart configurations
Templates, on the other hand, are essentially saved chart configurations. They are made or downloaded, and are fairly simple to construct, even without any technical knowledge.
They include things such as chart colours, candle style, timeframe, indicators, and object placement. The entire process of creating a template happens within the MetaTrader 4 platform.
Download custom indicators and templates
The first place to download indicators is within MT4 itself. It has Code Base and Market tabs that traders can use to access tools others have created. These can be free or paid, and the selection is quite significant.
Online communities for custom indicators
Custom indicators are available in numerous places online. There are various online communities that offer a wide range of free and paid indicators and templates for MetaTrader 4. Some of the more prominent ones are MQL5.com, Forex Factory, and EarnForex.
Professionally crafted custom tools
Additionally, for those seeking very specific tools, there are professionals who can craft indicators and templates on request. However, this service is significantly more expensive than buying or downloading a free tool from a public website.
Private communities with exclusive access
Lastly, there are more private communities, like trading education hubs and exclusive groups, that offer access to their own custom indicators. These often require a paid membership or are a one-time buy-to-access sort of deal.
Start with free MT4 indicators
For those just dipping their toes in the world of custom indicators, the free options are likely the way to go. They can help understand how custom indicators work and what they can and can’t do, without risking any money if it turns out they don’t fit the trader’s style.
Moving on to paid indicators
However, once traders start looking for more specific tools, they’ll likely want to move on to paid indicators. But just because something is free, it doesn’t mean it’s bad, and if it’s paid, that doesn’t mean it’s good; it’s vital to look into every tool and its functions rather than looking at the price tags.
Download MT4 indicators safely
Downloading the tool at hand is a matter of finding the community, finding which indicator suits you, and pressing the download button. In that, it’s very simple.
However, traders need to be wary of their security when downloading these tools. They can hide malicious code or viruses that can access a system, manipulate files, or initiate downloads. It’s imperative that traders only download indicators or templates from sources they can trust.
Installing MT4 indicators
Once they download the indicators, traders will need to make sure they are in the right file format. The proper formats are .mq4 and .ex. Sometimes, downloaded files will come in a zipped folder, which traders will need to extract for .mq4 and .ex files.
Once they have ensured the files are correct, traders will need to go through the following process:
- Open MT4 platform.
- Click on File > Open Data Folder.
- Navigate to MQL4 > Indicators.
- Copy and paste the .mq4 or .ex4 indicator files into this folder.
- Close the folder and restart MT4 or refresh the Navigator panel (Right-click > Refresh).
- Find the custom indicator under Navigator > Indicators.
- Drag and drop onto a chart or double-click to apply.
For example, a small tip traders can use to make the process more efficient is that, when they access the Open Data Folder on MT4, they can pin it to their file explorer or create a shortcut.
That way, they’ll be able to paste the indicator of their choice into the folder without needing to have MT4 open. The forex trading platform, of course, will have the indicators ready when traders start it up the next time.
Installing MT4 templates
The process for templates is nearly identical. However, this time, traders will need .tpl files instead of .ex or .mq4. Again, it’s wise to make sure the files are in the correct format before installation, to avoid errors and frustration. The process is:
- Open MT4.
- Click File > Open Data Folder.
- Navigate to the Templates folder.
- Paste the .tpl file(s) here.
- Restart MT4.
- Right-click on any open chart > Templates > Load Template.
- Select the desired template to apply the layout and indicators.
- The same tip for making a shortcut works here as well.
How to create custom templates
If a trader makes a chart setup they really like, they can save it as a template rather than downloading custom ones. The hard part here is setting up the chart right, the process of saving and loading the template is extremely easy.
- Right-click on the chart > Template > Save Template
- Give it a name and click Save.
- To apply it to another chart later:
- Right-click > Template > Load Template, and choose the one previously saved.
Common troubleshooting
Let’s wrap things up by going over some common issues and possible fixes. In general, the things traders can do to prevent irregular behaviour is to download from trusted sources, update their forex trading platform regularly, and test everything on a demo account before going to live options.
Here are some more specific fixes:
- Indicator not loading – May require compilation in MetaEditor or the indicator may be coded for MT5. In the latter case, there’s not much traders can do other than find a different indicator.
- Crash or lag – Likely an issue with a poorly coded indicator. Reinstalling MT4 may help, but the issue may persist.
- Indicators not refreshing – Often caused by inefficient looping logic or OnCalculate() function insufficiency. Removing and reattaching the indicator may help, but if the issue persists, it’s best to replace the indicator.
- Template not applying – Templates often include custom indicators, and if the trader hasn’t installed the indicator, the template can’t work. Check the list of required indicators for the template and download any that may be missing.
- Template looks blank – Usually an issue with backgrounds and zoom settings. Zoom in or change the colour settings and re-save the template. In that case, if the issue persists, the template may simply be faulty.
Disclaimer: This material is for general informational and educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked in this communication.
