How to load and edit Indicators in MT4
If you want to learn more about MT4, then you’ve come to the right place. After numerous requests, we’ve decided to write a couple of articles on how to use MT4.
In this article, we’ll focus on how to load indicators onto charts in MT4. We’ll assume that you already know what an indicator is.
If you are not sure, we highly recommend you read our article on the usefulness Indicators. Unlike a big part of the trading community, we are not big fans of charting indicators.
In our experience, these indicators can do more harm than good and traders need to be careful of them. There are no such things as an indicator that can make consistent profits in trading.
If anybody ever tries to sell you that idea run for your life! In our own trading, we only use one or two functional indicators.
They are indicators that help us complete certain tasks a bit easier and faster. So, there are indicators that can be useful but you need to know how to use them correctly.
Now that we have gotten that off our chest let’s continue with the how-to part of the article.
Step 1: Find the Navigator Panel
The first step in loading indicators onto your charts is finding the Navigator Panel. From the Navigator window, you will have access to all the indicators located in your trading platform.
Selecting and deselecting the Navigator Panel is very simple. Look for the Standard Toolbar in your MT4 platform (example below).
In the “Standard Toolbar” on MT4, look for the “Navigator” button (see example below).
Step 2: Open the Navigator Panel
Once you have selected the “Navigator” button you will see the indicator screen pop up below the button on the left of your trading platform (see example below).
You will notice there are a couple of sections in the Panel. Let’s us explore this in a bit more detail.
The top option will always show your Broker’s name. If you expand this option it will show you the live or demo account that you have with that broker.
The “Indicators” option is where you will find all the indicators that you currently have available on your platform. This will include all the standard MT4 indicators as well as any custom indicators that you have loaded onto your platform.
The “Expert Advisors” and “Scripts” option is where you will find all of the standard or custom loaded MT4 robots and scripts.
Step 3: Load an Indicator from the Navigator Panel
If we expand each of the sub-headings in the indicator section we can see MT4 comes standard with many indicators. Below is a good example.
The indicators have been grouped into five sections namely; Trend, Oscillators, Volumes, Bill Williams and Examples. The most popular and commonly used indicators can be found in the “Trend” and “Oscillators” sections.
Loading an indicator onto a chart is as easy as double-clicking on the indicator. Alternatively, you can also click on the indicator and drag it over onto the chart.
As an example, look for the indicator called “Moving Average” and double-click it. After you have done this, you should see a small pop up window appear with the name of the indicator (example below).
The amount and type of Tabs in these pop-up windows will differ from indicator to indicator. It will mainly be based on the different settings required for each indicator.
The above example for the Moving Average indicator will be different from those of another indicator. Now, at this point, beginners normally as “what is the right settings to use”?
There are no perfect settings because there are no perfect indicators. The settings used for each indicator will greatly differ based on time-frame, strategy and requirements.
Step 4: How to Edit an Indicator after it has been loaded onto the chart
There are two ways in which you can edit an indicator. Firstly, go to your chart and right-click anywhere on the chart.
You will see a pop-up window like the one below.
From here, look for the option called “Indicators List” and select it. This should open up the Indicators List window which looks like the example below.
In this window, you should see all the indicators that you have had currently loaded on your chart. From here, you can simply select the Indicator that you want to Edit or Delete.
After you have selected your indicator simply select the “Edit” button. This will open up the Indicator window for that specific indicator pop up.
From there you can edit the Indicator settings.
The second way to edit an indicator is a lot simpler. However, it does not work for all indicators so keep that in mind.
From the information above it should give you enough guidance on how to load indicators onto your charts in MT4. It might seem challenging at first, but after a couple of attempts, it will become a very easy task.
We hope that this MT4 tutorial has been helpful and useful to you. Be sure to check out our fore blog for more articles like this one.
Our team has also developed an awesome and comprehensive MT4 manual which teaches how to use MT4 in a lot of detail.
Copyright © 2016 by Jaba Investments (Pty) Ltd. All rights reserved