First session using Indicators!

Hi folks,

Today we are going to study how to use Indicators in MetaTrader platform.

What is Indicator!

The indicator is a program wrote in MQL4 which mathematically manipulates the prices and can draws lines on the chart.

The Indicators differ than  the Expert Advisor in these:

1. The Indicators draws lines one the chart while the Expert Advisors can't.
2. The Expert Advisors can Auto-Trade while the Indicators can't.

Note: The lines meant by Indicators can draw lines are the buffers lines. But the Study Lines (ex: vertical lines,  horizontal lines, Arrows and Shapes etc) could be drawn from the Indicator and from the Expert Advisors.

How to load indicator on the chart:

There are two kinds of MetaTrader indicators:

Built-in Indicators set:

This is a set of indicators shipped with MetaTrader and considered the standard indicators. This kind of indicators are for use only and you can not open them to see/modify their source code. You can access these indicators from the Navigator window - Indicators list (Figure 1).

Figure 1 - Navigator window - Indicators list

Custom Indicators:

These are the indicators which located at experts/indicators folder. the most of these indicators are open source (came in .mq4 format then compiled to .ex4 format). you can open these indicators in MetaEditor to see/modify their source code. You can access these indicators from the Navigator window - Custom Indicators list (Figure 2).

Figure 2 - Navigator window -Custom Indicators list

To insert an indicator to the chart, you firstly have to active the chart by clicking it then go to the Navigator window to choose the indicator you want to insert and right click it. You'll get a sub-menu like the one showed in Figure 3.

From this menu you have to choose "Attach to a chart" command.

Figure 3 - Indicators sub-menu

You'll prompt with the Indicator Parameters window (Figure 4) to set the indicator parameters. Clicking OK button in the Indicator Parameters window will attach the indicator to the chart.

Figure 4 - Indicator Parameters window

Note: You can simply double click the indicator name in the Navigator window to open the Indicator Parameters window.

Note: In the Insert menu you will find Indicators sub-menu (Figure 5) where you can find all the built-in indicators grouped in categories (ex: Trends, Oscillators and Volumes). And all the Custom Indicator located in the Custom sub-menu. Clicking the indicator name from this menu will open the Indicator Parameters window.

Figure 5 - Insert -> Indicators menu