MetaTrader custom indicator extensions

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Let create a custom MetaTrader indicator

MetaTrader is a great and extendable software. Especially for technical analytic are indicators very important. If you see a strategy you want an indicator for, or if you have an idea, simple write an eMail or use the simple Contact Form and describe exactly what it should do. The indicator author release them under the terms described at the bottom of this post and may add them to the indicator list. Don’t forget to leave a contact eMail address for further questions and sending the done indicator. Current is MetaTrader 4 the preferred version, but it gets slowly extended to MetaTrader 5.

Install a custom Indicators in MetaTrader

Installing a custom indicator is the same way in MetaTrader 4 and 5. First start MetaTrader if it is not running yet. Press F4 at your keyboard to open the MetaEditor. At the Navigator on the left edge make a right click at the “Indicators”-Folder and select “Open Folder”. The MetaEditor opens now your default file explorer. Download the indicator file and copy the mq4- or mq5-file into the opened directory. The Navigator should refresh automatic, but to manual refresh press F5. Double click now at the File in the Navigator to open the file into the MetaEditor and press in the Toolbar above the “Compile”-Button. If you see in the “Errors”-Box at the bottom 0 error(s), the indicator compiled successful. Now you can close the MetaEditor and the file explorer, the indicator appears in the “Indicator/Custom” menu of MetaTrader.

That is the description for newbies. To say it with simple words: Copy the source code in a file with the extension “mq4” or “mq5” into the directory “MQL4\Indicators”, respective in the directory “MQL5\Indicators” of your installed MetaTrader, open them in the MetaEditor and press the “Compile”-Button.

List of custom indicators

NameMetaTrader 4DescriptionTypeIdea byImage
Moving Average CrossoverDownloadThis indicator implements our Moving Average Crossover strategy. It supports 3 signal strengths for both directions. Like most strategies is the best starting point EUR/USD. It generates not very many but strong signals and is usable in each time frame.SignalsAuthorLink
Moving Average TrendfollowerDownloadThis indicator is the implementation of the “Moving Average Trend”-Strategy. It shows the trend strength as histogram, the MACD as lines and signals as arrows. Please read the post to learn the best usage.SignalsAuthorLink
LinedMACDDownloadThe default MACD indicator of MetaTrader show the base line as untypical histogram. This Indicator shows the MACD as general lines.GenericAuthorLink
FractalLinesDownloadFractals are a good Support/Resistance indicator. This indicator is an extension to show Fractials as horizontal lines.Support/ResistanceAuthorLink

Terms to use the custom indicators

You can use and modify the all custom the MetaTrader extensions like you want. The only thing is  if you share them, then you have fulfill some conditions:

First, you have everytime to share the source code, not only the compiled files. Then you can append any text you like to the header comment, but you must keep the original creator and website URL in the 3. and 4. line of the source Code. And you must share the homepage without any strings attached. This include paying money, creating accounts, et cetra. If you modify an indicator, you must share them under the same terms.

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