What Is a Custom Indicator, and How Do I Create or Add One in MT5?

Created by Support Ridgecorp, Modified on Sat, 19 Oct at 1:51 AM by Support Ridgecorp

A Custom Indicator is a user-defined tool that can help analyze market trends based on specific criteria.

Creating a Custom Indicator:
- Step 1: Access MetaEditor:
  - Click the MetaEditor icon on the MT5 toolbar, or press F4.
  - In MetaEditor, select ‘New’ > ‘Custom Indicator’.
- Step 2: Define Indicator Parameters:
  - Write code for your indicator using the MQL5 programming language.
  - Specify input parameters (e.g., periods) and the calculation logic.
- Step 3: Compile the Indicator:
  - Save and compile the file in MetaEditor. The indicator will appear in the ‘Custom’ section of the MT5 Navigator window.
Adding an Existing Custom Indicator:
- Step 1: Download the Indicator:
  - Download a .mq5 or .ex5 file for the custom indicator from a trusted source.
- Step 2: Install the Indicator:
  - Place the file in the ‘Indicators’ folder within the MQL5 directory (usually under File > Open Data Folder > MQL5 > Indicators).
- Step 3: Restart MT5:
  - Restart MT5 to make the indicator available.
- Step 4: Apply the Indicator:
  - Find it under ‘Custom’ in the Navigator window, and drag it onto your chart.
Using Custom Indicators:
- Custom indicators allow for personalized analysis, providing insights not available through standard indicators.