There are so many useful things that can be done if you install the latest version of MetaTrader – The MetaTrader 5. With it, you can easily expand your trading analysis as well as trade using any indicator-based strategy in trading. But installing an MT5 indicator is not that easy as it seems. You are not alone if you are having trouble installing it. Other traders, especially newbies find it tricky and confusing as well.
Installing a MetaTrader 5 Indicator
In three steps, you can add an indicator on your MT5 platform.
Downloading the Indicator
Just like any other application and software, what you have to do first is to download the MT5 indicator into your computer. The indicator comes in two different formats, the mq5, and the .ex5. Both of these formats work well. TIP: You can find a free indicator in the MQL5 library and there’s a wide range of options for this. But it is advisable not to pick randomly. You must have a good understanding of the source code before downloading it. These indicators are created by different people. You won’t know if it really works. Don’t compromise your trades, understand the source code first before downloading the indicator.
Launching the MT5 and Installing the Indicator
Once you’ve found a good indicator, you can start with the installation process. First, you need to open the MT5 then proceed to ‘File’ then ‘Open Data Folder’. After that, go to the MQL5 then tap the ‘Indicators’ folder.
Go back to the window where you first downloaded your file. Then, all you have to do is to drag it into the other folder with the name ‘MT5 Indicators’.
Setting Up and Testing the Indicator
Now that you have installed the indicator, you can now close your MetaTrader 5. If you have the mq5 file, the platform will simply convert the file into a .ex5 file after restarting the trading platform.
After restarting the platform, you can now tap the ‘Insert’ tab located at the topmost portion of the platform. Then tap ‘Indicators’, ‘Custom’ and at the bottom of the list, you will find the name of your indicator.
If you are thinking of adding the indicator into different charts, you can create a chart template and add the indicator into the template. You can do it by right-clicking directly on the chart and tapping ‘Save Template’.
Just to be sure that the indicator works properly, you can test it. After the testing, you can try it on your live trades. You have successfully installed your MT5 indicator.
Uninstalling the Indicator
If you are not satisfied with the indicator that you have chosen, there’s still a way to back out. You can uninstall it and it’s easier than the installation process.
First, you need to go to the ‘Files’ section then ‘Open Data Folder’. After that, you can delete the file where the indicator is located. If you have downloaded a .mq5 file, do not forget to delete the ones with the .mq5 file and the .ex5 file. You can then restart the platform and the indicator will be completely gone.