How To Install Indicator in MT4?

Manual for Forex beginners on installing custom indicators.
Let’s consider on the example of FX5 Macd Divergence indicator.

You must have installed the program Metatrader 4.
Download the archive with the indicator, unpack it and get the file ex4 and/or mql. These files must be copied to the folder MQL4/Indicators in the data directory of your terminal.
To get to the data directory, click in the Metatrader 4 terminal File ->Open data folder

4. Folder opens, we go to the section MQL4 in the directory Indicators. And we copy the files of our indicators there. Close the folder and restart MT4.

5. Next we come to our Metatrader 4 terminal, click on the top bar Tools->Settings and on the tab Advisors we tick boxes as on the screenshot below. Then click OK.

6. Restart MT4, open chart of the currency on which you want to set the indicator.

7. At the top of the terminal, click Insert >Indicators >Custom and select the name of the selected indicator, in our case it is FX5 Macd Divergence.

8. A window will appear where you can change the parameters of the indicator (for each indicator they are different) and the display color, to add levels for clarity, and to set whether the indicator will be displayed on all time frames or on the selected only. If desired, make changes, click OK.

After clicking OK we see the chart with added indicator.

If you want to remove the indicator from the chart or make changes to the settings, click on the chart with the mouse and press Ctrl+I on your keyboard.

The window List of Indicators will appear.