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MetaTrader 4 Basics – Using Indicators on MT4

MetaTrader 4 Basics – Using Indicators on MT4

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MetaTrader 4 Basics include an understanding of how to use Indicators on the MT4 platform. In our earlier posts we opened we prepared tutorials on How to Open an MT4 platform and how to execute trades.  We have learned that trades can either be executed in the moment via “market execution” or in the future via a “pending order”. Pending orders are trades that will be executed if the market meets our pre-requisites and our set parameters.

If you have not read this post head over to the Meta Trader 4 Basics Introduction for a full tutorial.

MetaTrader 4 Basics – How to Use Indicators

In order to download the MT4 platform, you usually have to start off by choosing a legitimate broker.  We recommend that you pick a broker that is CySec Regulated.  This is for your own trading safety.

Basically, different brokers provide different indicators on their MT4 platform.  Therefore the quality of signals you get depends entirely on the brokers.  Some brokers are very sophisticated and add a wide variety of indicators whilst other just provide basics.

Meta Trader 4 Basics are very customizable.  That is what is so innovative about the MT4 trading platform.  You can run indicators and Expert Advisors (EA), fix settings and do a whole variety of trading trapezing.  The beauty of MT4 is that you are smart, you can even write your own algorithm for an EA.

Get the Most of Your MetaTrader 4 Basics to Complex

Now is the time when we can start getting the full benefit of our MetaTrader 4 Basics and turn it into expert and professional trading.  Here is where we start learning how to use tools.  You will learn how to tweak them to your trading style.

This is time to join the “Seasoned Traders”. It is Action Time.  In this tutorial, you will learn

  • How to draw Lines on your open charts
  • Add Indicators
  • Modify Data to Suit Your Needs

Meta Trader 4 Basics – How to Add Objects to Your Charts

  • Look for the Insert Menu
  • Select Insert Menu and you can choose from:
  • Indicators, Lines, Channels, Gann, Fibonacci, Shapes and Arrows

Each of these will have a sub-text.  Let us assume that you wish to add an Indicator.  If you hit on Indicators, you will find a whole group of Indicators.  Choose on your preferred indicator.  Example the Bollinger Bands – Bollinger Bands are Trend Indicators. Therefore you will be able to find these under Trend Indicators.MetaTrader 4 Basics indicators

Once you have chosen your indicator you will be requested to set its parameters.  You can also choose your preferred color, style etc.  These are especially important if you are planning to plot more than one indicator.  The colors and styles will help you differentiate between one and another.

MetaTrader 4 Basics indicators

MetaTrader 4 Basics – How to Install an Expert Trader (EA)

Now that things are hotting up, and we have learned how to add Indicators to our charts, we are ready to go to the next level.  In this tutorial, we will also learn how to install an Expert Advisor or EA as it is more commonly known.

What is an Expert Advisor?

An EA is a program that once installed on your platform will follow your instructions automatically on instructions which you give the program.  This will depend on setting a list of criteria.  Once these criteria are met, the EA will kick-in automatically. Therefore, an EA is a “hands-free” automated trader. You can have a good night’s rest knowing that you do not need to worry about missing the perfect trade.

More importantly, an EA is very useful when you are trading with multiple pairs.  Once you have the have the EA installed you will be able to have trades generated automatically when the signal is sent from the system.

A word of caution.  Do not be duped into “buying” or “downloading” just any EA. There are plenty of scammers including brokers who offer you systems that will make you untold riches without lifting a finger.  Many systems are rigged to accommodate brokers or developers.  So make sure that you do your due diligence before trusting any system.

In this respect, we recommend that once you decide on an Expert Advisor, that you take the time to learn how to use it properly.  If the software is supposed to work on Moving Averages for example, that you know whether the EA is using simple or exponential MA’s.

Now that we are sure that we have the right Expert Advisor in hand, and we are confident that it is a legit system, we can start to load it on our platform.

MetaTrader 4 Basics – Instructions on Loading an EA on our Terminal

  • Download the EA and save it in a location that is easily saved and remembered
  • Copy the File
  • Move to the MetaTrader 4 folder (usually found in your C: drive
  • Find the Experts Folder and paste the EA file there. Click Continue
  • Launch your MetaTrader 4 platform.
  • Go to the Navigator Pane and look for Expert Advisors.  This is located on the left-hand side of the platform.  You will now click on the “+” sign and the EA should already be listed there.
  • Next click on the Expert Trader that you wish to install and drag it on the charts of your MT4 platform.
  • You will have a settings pop-up box appear showing you all the settings.
  • After making sure that your setting are correct you confirm by clicking OK

MetaTrader 4 Basics – Conclusion

We cannot stress enough how important it is to not just use any Expert Advisor that you come across.  The Sheriff University has been designed to give you step by step education on your trading.  Although not impossible, there are very few EA’s that will give you the awesome results advertised.  Therefore, use your skill and knowledge learning what you are earning.

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