In this article, we’ll show you how to install a VPS Indicator for monitoring trade volume. The same steps are applicable to just about any Indicator.
In MT4
- Click on File > Open Data Folder
- Open MQL4 > Indicators
- Copy the Indicator file into the Indicators folder. You may drag and drop the file or manually do CTRL+C, CTRL+V.
- Close the folder and then restart MT4 (close and then reopen MT4).
- From the Navigator, expand Indicators and look for the one that you wish to install. Double-click on it or drag-and-drop it into a chart. Click OK.
Done!
In MT5
The process is the same. Except in step no. 2, you’d open MQL5 instead of MQL4.
Questions? Feel free to start a live chat with a support officer at the bottom-right of your screen.
FAQs
Guide on Installing Indicators on MT4 or MT5
- Click on File > Open Data Folder.
- Open MQL4 > Indicators.
- Copy the Indicator file into the Indicators folder. You may drag and drop the file or manually do CTRL+C, CTRL+V.
- Close the folder and then restart MT4 (close and then reopen MT4).
Download custom indicators from the MT5 Terminal or Marketplace. Add it to the Indicators' folder in the Terminal. Drag and drop the indicator on the price chart to use it. Backtest the indicator before using it.
Why do traders prefer MT4 over MT5? ›
MT4 is focused on forex trading, while MT5 is a multi-asset platform that also supports stocks, futures, and other markets. So MT4 may be slightly easier to use for new forex traders. MT5 has more advanced charting, with additional indicators and tools. It has a more modern interface and faster performance.
Can I install both MT4 and MT5? ›
MT4 and MT5 at once:
Running MT4 and MT5 at once is possible; simply open them both up. The only restriction is that the trading accounts be managed on the appropriate application; MT4-based trading accounts on MT4 and MT5-based trading accounts on MT5.
Can I use my MT4 account in MT5? ›
Thus, MT5 account credentials can only be used for logging in to the desktop, mobile, and web versions of the MT5 platform. Similarly, MT4 account credentials can also only be used on MT4 desktop, mobile, and web platforms, and not on MT5.
Does MetaTrader 5 have indicators? ›
MT5 is a forex and stock trading platform that enables traders to place automatic orders. With this platform, you can use either the built-in MT5 indicators or develop your own technical indicators as well.
Which is the best indicator in MT5? ›
MACD (Moving Average Convergence Divergence)
MACD is a versatile indicator that combines moving averages to identify changes in trend momentum. It consists of three main components: MACD Line: The difference between two exponential moving averages.
Does MT4 have indicators? ›
Moving Averages is one of the most popular MT4 indicators and can be used in commodities trading. It gives you the ability to gauge the direction of the current market trends, enabling you to spot swing lows and swing highs as periods of buying and selling.
How do I show indicators on MT4? ›
How do I install and apply Indicators on MetaTrader 4?
- Navigate to “File” in the upper left hand corner and then select "Open Data Folder"
- From there navigate to the folder called "MQL4"
- From there navigate to the folder called "Indicators"
- Drag and drop the indicators that you want to install into this folder.
- Open MT4/5 on your mobile device.
- Log into your trading account.
- Open the main menu and tap Signals; you will be prompted to log in with your MQL5 account.
- You will be redirected to the MQL5 website signals area; select your desired signal here, or you can search for it.
While MT4 may be more suitable for beginner traders and those focused primarily on forex trading, MT5 offers additional features and functionalities that cater to more advanced traders and investors seeking a broader range of assets and trading opportunities.
Why is MT4 and MT5 banned? ›
Recently, the much-appreciated trading platforms all over the world, MT4 and MT5, have been banned in India. This is a major shock for traders. The Indian government made this decision unexpectedly. It is believed that this happened because these platforms are not registered in India and thus operate illegally.
Will MT4 be phased out? ›
MT5 Will Replace MT4, but Slowly
“Yes, currently MT4 is still popular among both old school and new traders; however, we believe that traders will move from it in the near future,” said Andreas C. Kapsos, Managing Director of Match-Prime Liquidity.
Can MT4 templates work on MT5? ›
However, you need to have the same custom indicators and expert advisors files in the target platform, otherwise they won't load. This tutorial is valid for both MT4 and MT5, but although you can try loading an MT4 template onto an MT5 chart or vice versa, the results might not be very good.
How do I add signals to MT5? ›
For desktop
- Open MT4/5 on your desktop device.
- Log into your trading account.
- Follow the steps shown above to log in with your MQL5 account, and have funds available if you wish to follow paid signals.
- Click the Signal tab in the Terminal window.
- Browse the signals available or select a signal from those shown.
