ACADEMY
MT4 Indicators and Scripts
Welcome to Lesson 12 of the Second Module at PROP365 Academy. This lesson covers MT4 indicators and scripts, explaining their role in market analysis and trading automation.
What Are MT4 Indicators and Scripts?
- MT4 Indicators are graphical or metric tools that help analyze market conditions.
- Scripts are programs that execute trading operations instantly without repeated activation.
MT4 comes with a default set of indicators and scripts accessible from the Navigator panel or the Insert tab in the main toolbar.
Installing Custom Indicators and Scripts
To use additional indicators downloaded from the web:
- Open MT4, go to File → Open Data Folder.
- Navigate to MQL4 → Indicators folder.
- Copy your custom indicator file here.
- For scripts and expert advisors, copy files to their respective subfolders.
- Restart MT4 to refresh the platform’s database.
After restarting, your custom indicator will appear under Custom Indicators in the Navigator window.
Attaching and Managing Indicators
- Double-click an indicator to attach it to the current chart.
- In the Custom MT4 Indicator window, adjust colors and options.
- Enable DLL imports to export data live to Excel for advanced analysis.
- Remove indicators by right-clicking the chart and selecting the indicator from the list.
- Save sets of multiple indicators as templates for quick application on charts.
Using Scripts and Differences from Expert Advisors
- Scripts perform single-time trading tasks like opening or closing trades.
- Unlike indicators, they don’t require continuous activation.
- Expert Advisors automate trading strategies and allow backtesting.
Enable script execution via Tools → Options, then check Allow Live Trading.
Customizing and Writing Scripts
MT4 uses MQL4 (MetaQuotes Language 4) for all indicators, scripts, and expert advisors. You can edit or create scripts via MetaEditor, accessible by right-clicking a script and selecting Modify, or by pressing F1 for the MetaEditor manual.
Summary
Leveraging MT4 indicators and scripts gives you powerful tools for market analysis and streamlined trading. Installing custom indicators, managing templates, and using scripts effectively are key skills for maximizing your MetaTrader 4 platform.
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Disclosure: All information provided on this site is intended solely for educational purposes related to trading on financial markets and does not serve as a specific investment recommendation. This is not an investment opportunity. You do not deposit any funds for investment. We do not ask for any funds for investment. There are no promises of rewards or returns. It’s crucial to differentiate between purchasing a program from PROP365 and depositing in a financial institution. The fees you pay for our programs are not deposits. PROP365 does not offer financial advice or issue or deal in financial products. All trading will occur on demo accounts under simulated live trading conditions. All funds are simulated trading funds, and all profits are simulated profits.
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