Lesson 20: How to apply indicators to chart

Published 07.05.2015 at 01.39 PM.

In this article, we’ll cover the following topics:

  • how to apply a basic indicator to a chart;
  • how to delete an indicator from a chart;
  • where to get and how to apply an indicator from a third-party developer to a platform.

 

How to apply a basic indicator to a chart?

 

If your trading system features some basic indicator, you need just a few simple steps to add it to a chart. First, find an indicator in the Navigator section of the MetaTrader platform. This window can be also opened by pressing Ctrl + N.

To run the chosen indicator:

  • either double click it,
  • or drag and drop it to the chart.

A window will appear where you can set the indicator’s parameters.

After you’ve adjusted the indicator (if needed), click OK to complete its installation.

How to delete an indicator from a chart?

  • Run a right-click menu of the indicator;
  • Choose Delete Indicator.

Now, that’s all for basic indicators. As for third-party indicators, you should download them first. A trading system usually comes equipped with a necessary kit of indicators. For example, trading systems described in my blog go alongside an archive with needed indicators. After downloading an indicator, copy it to the ...\InstaTrader\MQL4\Indicators folder.
Re-run your platform and the indicator will appear in the Indicators menu. To apply the indicator to the chart, follow the steps for basic indicators described above.

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