There are several web sites that teach you how to install indicators. However, this tutorial is different than the rest. Here, you will learn a simple trick using which you can easily install custom indicators for MT4 without restarting the platform.
Typically, the steps followed are:
- Firstly, close the MetaTrader platform.
- Install a custom indicator.
- Restart MT4 to scan indicators.
You would be reluctant to follow the above procedure, especially when you have 15 charts opened and have multiple EAs running!
The trick explained below does away with the need for restarting the whole system and, thus, saves time.
What is to be done?
All you need to do is to install a custom indicator by copying the MQ4 of EX4 file into the \MT4-folder\experts\indicators\ folder and compile any MQ4 file in MetaEditor. As a result, the MT4 will re-scan the EAs folder and you will see newly installed indicators in the list. This is how to install indicators for MT4 without restarting the platform.
Steps to Follow on how to install custom indicators in MT4
Step 1 – Copy and paste your custom indicator file in the \experts\indicators\ folder of your MT4 platform.
Have a look at the image below that shows an example file named as Slope Direction Line.ex4, which is a custom indicator file.
Step 2 – As the second step, open the MetaEditor from your MT4 platform. It is important that you run this application directly from the MT4 in which you have installed the indicator. This is crucial, in case you have multiple MT4 platforms running on your computer.
To open MetaEditor, go to Tools -> MetaQuotes Language Editor and click the yellow diamond icon that has a exclamation mark inside (as shown in the image below), or press F4 on your keyboard.
Step 3 – After the MetaEditor window loads, open any indicator, EA, or script file from the navigation panel on the right side. Now simply compile any MQ4 file to EX4 so that the MT4 platform re-scans its base of Expert Advisors, scripts, and custom indicators.
How to compile MT4 indicator?
Open an MQ4 file and click on the “Compile” button, as shown in the figure below. Once the compilation is over, wait for a few seconds and then close the MetaEditor window. Now open the MetaTrader window.
After compilation, your MetaTrader re-scans the ‘Custom Indicators’ folder and the newly installed indicators appear in the list inside the Navigator pane.
Step 4 – In this step, double-click the indicator with your mouse or drag-and-drop it on the currency chart. Indicator properties window will now appear where you can change various settings. After you are done, click the OK button. Consequently, the indicator will display on the MT4 chart.
The image below shows how the Slope Direction Line indicator looks like on the MT4 chart.
This time-saving method is not just applicable to custom indicators but can also be used with Expert Advisors, scripts, and libraries.
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