How to load and edit Indicators in MT4
Do 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 and edit indicators in MT4.
Unlike a big part of the trading community, we are not big fans of charting indicators.
Indicators can do more harm than good in our opinion. No indicator is reliable enough to make consistent profit in trading.
Be careful if someone tries to sell you a holy grail indicator. There is no such thing!
We only use one indicator in our own trading and it only shows us the average daily range.
So, we use them for functional purposes and not to show us where and how to trade. There’s a big difference.
Okay, now that I’ve gotten that off my chest let’s continue with the purpose of the article.
Below is a list of the topics we’ll discuss:
Find the Navigator Panel in your Standard Toolbar
The first step we need to do is open our MT4 terminal and look for the Standard Toolbar.
The Standard Toolbar will look like the example we see below.
In the Standard Toolbar we need to find the ‘Navigator‘ button. Below is an example of what the ‘Navigator‘ button looks like.
Open the Navigator Panel and choose your indicator
After you’ve selected the ‘Navigator‘ button you should see the ‘Navigator Panel’ appear.
Below is an example of what the ‘Navigator Panel’ looks like in MT4.
The top section will always show your Broker’s name. If you expand this it’ll show your linked accounts with that broker.
This is followed by the ‘Indicators‘ section that we’ll be working with in this article.
In this section you’ll find all the standard and custom MT4 indicators installed on your platform.
Select and load an Indicator from the Navigator Panel
Now we can finally get to the fun part.
It’s time to select an Indicator that we want to load onto our chart.
We’ll need to expand the ‘Indicators‘ sub–heading to see our available indicators.
Notice that the indicators are grouped into five sections:
Notice that we also have a couple of sub-headings in the Indicators section.
The most commonly used indicators are 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 and drag the indicator over to the chart.
There is another way to load an indicator without using the Navigator Panel.
Let’s have a look at the illustration below to see how to do this.
Simply follow this process:
- Select the ‘Insert‘ option from your main navigation bar
- Hover over the ‘Indicators‘ option
- From here scroll to the relevant Indicator section
- Select the Indicator you want to load onto your chart
In this article we have chosen to use the ‘Moving Average‘ indicator as an example.
Find and select the ‘Moving Average‘ Indicator using one of the above mentioned methods.
When you do this you’ll see a small pop up window appear like below.
You’ll notice this window has a couple of different tabs.
Every Indicator will have different tabs as well as options for changing various parameters.
Thus, if you choose another Indicator it’s tabs might look different than our example.
The tabs and settings will be different between a Moving Average and an Oscillator.
So, at this point, beginners normally ask us what settings they should choose.
There are no such thing as perfect settings. The settings can differ substantially based on the requirements of the indicator.
The settings will change for different time-frames and strategies. Don’t chase the holy-grail settings because they don’t exist.
After you have changed the indicator settings you can go ahead and select the ‘OK’ button.
Below is an example of what the Moving Average indicator looks like on a chart.
Not all indicators are displayed like the Moving Average on the chart itself.
Some indicators are added to the bottom of the chart in a separate small window.
Below is an example of a Relative Strength Index (RSI) indicator displayed at the bottom of the chart.
It’s possible to add multiple indicators on your charts.
How to Edit an Indicator once it’s loaded
So, how do you change your indicator settings after you’ve loaded it on the chart?
There are two ways we can use to do this.
Firstly, go to your chart and right-click anywhere on the chart. You will see a pop-up window like the one below.
This list will show you all the indicators that are currently loaded on your chart.
You can also click the Control and I buttons on your keyboard simultaneously.
Alternatively, you can also use the main navigation bar to get to the Indicators List.
Let’s have a look at the illustration below:
Simply follow this process:
- Select the ‘Charts‘ option from your main navigation bar
- Select the ‘Indicator List’ from the drop-down list
In the ‘Indicators List‘ window select the indicator that you want to edit from the list.
After you have selected your indicator simply select the ‘Edit’ button. This will open up the Indicator window for that specific indicator.
From there you can edit the Indicator settings.
The second way to edit an indicator is very helpful but doesn’t always work as well.
Simply hover your cursor over the indicator you want to edit.
You should see a small pop-up window like the example below.
How to delete an Indicator from the charts
Deleting an indicator is a very simple and easy process.
You follow the exact steps we outlined above.
Right-click anywhere on your chart and open the ‘Indicators List‘ option.
Select the indicator you want to delete in your Indicators List. And now select the ‘Delete‘ option.
Yeah, it’s that simple.
So, what did we learn in this article?
We learnt how to find and open our Navigator Panel within our MT4 platform.
Then, we saw how to select and load Indicators onto our charts.
We also learnt how to edit and delete Indicators as well.
If any of this seems challenge don’t worry at all. It really does become much easier the more you practice.
Our team is busy developing a very comprehensive online MT4 Video training course. Be sure to inquire from our team when this exciting course will be launched.
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