The ease of installing indicators and expert advisors in Metatrader 4 is one of the main reasons why the platform is so popular.
Metatrader also comes with its own automated trading and indicator creator, MetaEditor.
MetaEditor can be used for making your own indicators and EA’s, as well as editing existing files.
In order to install custom indicators and EA’s, you will first need to open your Metatrader 4 platform. Select a file in the top right-hand corner and choose “Open Data Folder” as per the image below:
Once this has been selected, the platform will direct you to where you need to begin installing indicators and expert advisors. In the directory that the platform takes you to, please select the MQL4 folder.
The list of folders within MQL4 will be as follows:
If you are installing a custom Indicator, you will need to select the Indicators folder and paste your file into that folder.
An expert advisor will need to be installed to the Experts folder and so forth, depending on what you are installing.
You will then be required to restart your MT4 terminal so that it can recognise the new files.