How To Install Ea Indicator Or Script To The Mt4 Windows Mac
The MetaTrader 4 platform, best known as MT4, is a trading platform that allows to upload custom expert advisors (forex robots or also called automated trading systems), indicators, scripts, and other useful add-ons.
This means that you have two options. If you have some coding experience, you can create what you need in the MetaEditor by using the MQL 4 language. But if you have no coding experience at all, you can just download any expert advisor, forex indicator or script that you like, and usually for free (like our top forex indicators here ).
Extract the downloaded Pivot Points Multitimeframe.rar. Go to “File menu” in Mt4 trading platform and click “open data folder”. Open Mql4 folder and open the indicators folder. Now paste the Pivot Points Multitimeframe.mq4 and Pivot Points Multitimeframe.ex4 files into indicators folder and restart the MetaTrader 4. MT4 Indicators – Download Instructions Pivot Star is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data. Pivot Star provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye. How to install MT4 on Mac. MT4 has been designed to be used on a PC. This is because it uses a.NET framework, which is not supported on Mac. With that being said, there are methods that you can use to launch MT4 on a Mac, such as using a VPS or third-party software available directly from the MetaTrader 4 website.
Differences between .mq4 and .ex4 files By default, the MetaTrader 4 provides some standard indicators, but you can add your own by using two different types of files:
- .mq4 - the MQL4 source code file that could be edited by a programmer
- .ex4 - the executable file that can not be modified in order to protect the programmer copyright
From a practical point of view, it does not matter which type of file you have available (usually it is the .ex4 only without an access to the source code) until you would like to make some changes directly in the source code.
Even if you have the .mq4 file available, but you have no coding experience, do not worry! After uploading the file correctly to your MetaTrader 4's root folders, the trading platform will do everything needed for you automatically.
Once you install the .mq4 file and launch the MetaTrader 4, the trading platform immediately creates also the .ex4 executable file, so it will be ready for use like you would install the .ex4 file. How to install Expert Advisors, Indicators and Scripts (PC - Windows version)
The process of installing the Expert Advisors, Indicators or scripts in case of MetaTrader 4 trading platform running in Windows is very easy:
- Launch your MetaTrader 4
- In the upper left corner, choose 'File'.
- Then choose 'Open Data Folder'.
- In the new window, open the 'MQL4' folder.
- And now we are almost done. Here you can find all the folders you are looking for: experts, indicators, scripts, and others.
If you would like to install an Expert Advisor, simply paste it to the 'Experts' folder.
If you would like to install an Indicator, simply paste it to the 'Indicators' folder.
And finally if you would like to install a Script, simply paste it to the 'Scripts' folder. - Once you have copied and inserted all the files you would like to install, you have to restart the MetaTrader 4 platform.
Viola, you have successfully installed your brand new add-on! Now in the MetaTrader 4 platform, you can find your new add-on in the navigation panel (that can be opened from the View menu). Simply open an appropriate category (experts, indicators or scripts), and drag your add-on to any chart. And now your customized platform is ready for use!How to install Expert Advisors, Indicators and Scripts (OS X - Mac version)
Mac OS X traders have a little more difficult situation. The author of the MetaTrader 4 trading platform, MetaQuotes Software Corp., still does not offer an official version of the MT4 for Mac OS X. Therefore, OS X traders have two options:
Virtualized Windows operating system - in this case through the virtualization software, you are allowed to install Windows on your Mac. Usually, it is also possible to run both operating systems in the same time.
However, this is not much practical if you do not have more reasons than only MT4 why you would need to have the whole Windows operating system installed. In this case - after installing the Windows operating system and MT4 for Windows in the usual way, the process of installing EAs, indicators and scripts is the same as described above.
Virtualized MT4 for OS X - hopefully, most forex brokers offer the complete DMG package of MT4 that you can easily run at your Mac. Imagine the package as all files from Windows that are required to run the MT4 properly. Do not worry, virtualized MT4 for OS X works steadily and very fast. However, the process of installing your add-ons is little more complex.
There are more possible ways how to install add-ons to your MT4 in case of the virtualized MT4 for OS X. Some of them are very easy (but these seem to work with older OS X versions only).
Now I would like to share with you the tutorial how to install your add-ons that works with the latest OS X versions.
- Open the Terminal. You can simply go to the spotlight search (the search icon in the upper right corner), and just type in 'Terminal'.
- Now copy & paste following command into the Terminal (ensure that it is exactly in the same format like below) - in case that you are using OS X 10.9 or later :
defaults write com.apple.finder AppleShowAllFiles -boolean true ; killall Finder
And if you are running OS X 10.8 or earlier , use following command instead:
defaults write com.apple.finder AppleShowAllFiles TRUE ; killall Finder - Hit 'Enter'. Now all hidden files and folders in your Mac are visible (and Finder is restarted as well so no need to do this manually anymore to see the hidden files and folders).
- Go to the spotlight search again and type in the name of your profile / computer. Your Mac should now find your home folder (you will recognize that by the home icon). And hit the Enter.
Or you can open 'Macintosh HD' -> 'Users' -> 'Your username'. - Open the Library folder. As Library is a hidden folder in the latest OS X versions, you will most probably have to right-click at the folder and select 'open in new tab' to make it work. Or simply double-click the folder if it works for you.
- Open the Application Support folder.
- There you should find and open the folder that will be named in the following format 'com.YourBrokerName_123456' (the broker name and numbers will vary between various computers).
- Then go through following folders: “drive_c” -> “Program Files” -> “Your Broker MetaTrader 4” -> 'MQL'.
- There we go! Now simply copy & paste your add-on to the appropriate folder, restart the MT4 and you are ready to use your add-on at your Mac!
Notes :
- I would recommend you to make a shortcut of the MQL folder, so you do not have to go through the whole process above every time you would like to add something to your MT4. Simply drag the MQL folder among your 'Favorites'.
- If you would like to hide the originally hidden files again, simply run following command in the terminal (in case that you use OS X 10.9 or later ):
defaults write com.apple.finder AppleShowAllFiles -boolean false ; killall Finder
And again, if you are running OS X 10.8 and earlier , use following command instead:
defaults write com.apple.finder AppleShowAllFiles FALSE ; killall Finder
I believe that the tutorial above will help you when trying to install your favorite add-on to your MT4. Now when you know how to do that, you are ready to use our unique forex indicators that you can download and use for free.
How To Install Pivot Points For Mt4 On Mac Download
Welcome again to the best mt4 indicators website! Every forex trader that wants to make a profit from the market should be able to determine when the market is bullish or bearish. Otherwise, using the wrong knowledge to enter a trade could be the easiest way to lose your hard-earned money.
You may not be a professional in understanding price movements, but with some fantastic indicators, you can easily read the market even if you are not tech-savvy. Therefore, one of those highly helpful tools is the MT4 Pivot Point Indicator.
With this indicator, it is easy to read price movements to be able to plan the right strategy for trading. This post will show you what a pivot point is, how to calculate pivot points, and how to install the indicator.
What is a pivot point?
A pivot point is a price level that a professional trader uses to evaluate whether market prices are bullish or bearish. It helps the trader in deciding the movement of prices in the financial markets. Pivot points stand for the averages for the highs, lows, and closing prices that take place inside a trading session or a trading day.
A pivot point can also be seen as an area of possible support or resistance where price may ‘pivot’ or alter its course. Pivot points are a form of forex indicators used for technical analysis, which presents the foundation for establishing market trends. To pivot is to turn. A set calculation is used in forming pivot points.
Uses of Pivot Points
Pivot points have many applications, amongst which are:
1. Decide market trends
Traders make use of pivot points in deciding market trends, based on the price action direction. A bearish market exists when price action stays or drops beneath the pivot level.
Conversely, a mulish market exists when the price action stays or crosses over the pivot level.
2. Enter and exit the market
The pivot point also helps the trader in determining when to enter or exit the market. For instance, a trader can set a stop-loss close to any of the recognized support or resistance levels.
Types of Pivot Points
There are various types of pivot analysis. In this post, we will take a look at the calculation methods behind some of these types – Fibonacci Pivot Points, Standard Pivot Points, DeMark Pivot Points, and Woodie’s Pivot Points.
1. Standard Pivot Points
The starting calculation for the Standard Pivot Point formula is the arithmetic mean of the high (H), the low (L), and the close (C) from the preceding period. We refer to this as our base pivot point, P.
• P = (H + L + C)/3
Next, we obtain two support and resistance levels from P. We will refer to the difference between the high and low D, i.e. D = H – L
1. S1 =2P – H (First support)
2. S2 = P – D (Second support)
3. R1 = 2P – L (First resistance)
4. R2 = P + D (Second resistance)
2. Fibonacci Pivot Points
We go-ahead from the same starting point as above, which needs calculating P, the base pivot point. You plot the support and resistance levels a certain distance away from this point P, the base pivot point. We will call this D – the difference between high and low.
You subtract multiples of D from P to arrive at the support levels. Add multiples of D to P to get the Resistance levels. Get the multiples from the Fibonacci sequence of numbers.
Here are the precise calculations:
S1 = P – 0.382D
S2 = P – 0.618D
S3 = P – D
R1 = P + 0.382D
R2 = P + 0.618D
R3 = P + D
3. DeMark Pivot Points
There are three diverse methods of calculating the base pivot with DeMark Pivot Points. We make use of a different base pivot point definition. You have to choose your calculation based on how the close and the open compare. We will define a variable x, whose value depends on whether the open is higher or lower than the close.
How To Install Pivot Points For Mt4 On Machine
1. If the close is inferior to the open: x = H + 2L + C
2. If the close is above the open: x = 2H + L + C
3. If the open equals the close: x = H + L +2C
This concluding value will be the one frequently used if what we are looking at is a Forex Pivot Point trading strategy. This is because the open is almost always equal to the close since the FX is a 24-hour market. The close and open are actually just conventions when it comes to a daily chart throughout the week. This is different from the stock market, where the open and close are different things divided by time and price.
The known value for x can be used in calculating the base pivot point P:
• P = x/4
You can as well calculate the support and resistance levels from x (DeMark pivot points do not make do with more than one support and resistance level)
• R1 = x/2 – H
• S2 = x/2 – L
How to Calculate Forex Pivot Points
To calculate pivot points, the following calculation is used:
• PP (pivot point) = (High + Low + Close)/3
In the chart below, apart from the point, the support and resistance levels are also added. You calculate them by:
• First resistance level = (2 x PP) – Low
• First support level = (2x PP) – High
How To Install Pivot Points For Mt4 On Mac Os
You can create further support and resistance levels with the calculation:
• Second resistance level = PP + (High – Low)
• Second support level = PP – (High – Low)
How to Install the MT4 Pivot Point Indicator
Installing the MT4 Pivot Point Indicator is quite easy. Here are the steps to take:
1. Download the indicator.
2. Locate the Pivot Point indicator file(s) and copy the file(s)
3. Open Data Folder in MT4.
4. In the new window that opens, click to open the MQL4.
5. Open the “Indicators” folder.
6. Paste the copied file(s) from step 2 into the folder.
7. Restart your MT4 platform.
8. A pop-up window comes on. Click Ok.
And, you are done with the installation.
Importance of pivot points to day traders
Day traders love to use the pivot analysis most of the times, instead of other technical indicators. Here are some reasons why MT4 pivot point indicator is essential to Day traders:
1. Ease of use
A pivot point indicator is a tool that is easy to use; hence it has been integrated into the majority trading platforms. The platforms work out support and resistance levels automatically, thereby saving the trader the time that would have been used in doing it manually. It is left for the trader to fathom their approach to the market of the day after obtaining the pivot levels.
2. High accuracy
The pivot point is one of the most accurate indicators available. Therefore, it is highly reliable for day traders to decide trade entry or exit points. It makes it easy for traders to follow the overall flow of the market because it relies on the trading action of the previous day in forecasting the possible actions of the current day.
3. Short time frames
The pivot point derives data from a single day of trading. It forecasts likely the support and resistance levels using the high, low and close prices of the previous day. One can calculate pivots for shorter time frames, such as 30-minute charts, even though it is mainly used on the daily time frame.
Conclusion For Mt4 Pivot Point Indicator
MT4 Pivot Point Indicator is a tool day traders will always find handy because of its usefulness in predicting the market with high precision. Besides that, the indicator helps in deciding when to enter or exit the market. Here on our Best MT4 Indicators website we do mostly indicator reviews.
Furthermore, there are other amazing indicators and tools you can find on this platform. If you are really keen on trading without encountering many losses, then try our tools to see how they can assist you through this link. Next week we are going to publish a hull moving average MT4 article! Stay tuned.
How To Install Pivot Points For Mt4 On Machinery
And don’t forget to leave your comments below on your experience using Pivot Point Indicator.