What are MT4 indicators and add-ons?
- MetaTrader 4 indicators are powerful technical analysis tools which can help you to identify market trends and provide evidence for your predictions about future price movements
- MetaTrader 4 add-ons enable you to customise the MT4 platform to better suit your individual trading needs
Each MetaTrader 4 indicator or add-on has a specific purpose, so you may want to combine a few of them to achieve your ideal strategy.
IG's free MetaTrader 4 indicators
Order history indicator
Examine any of your previous trades, overlaid onto MT4’s charts – so you can replicate your successes and learn from your failures.
Pivot points indicator
Gauge market movement with pivot points and add alerts if they are needed.
Find historic highs and lows on any chart, for any timeframe.
Overlay any chart with Renko bars to analyse price movements with ease.
Chart group indicator
Link charts together, so that changing the symbol on one changes it for all.
Freehand drawing indicator
Draw on any chart completely freehand, at the press of a single button.
IG's free MetaTrader 4 add-ons
Adapts MT4’s deal ticket and charts to your preferences with a host of highly configurable new features.
- Offering superior deal ticket functionality compared to the standard MT4 deal ticket
- See your entries, stops and limits displayed on charts
- Switch between pips and cash when viewing running profit or loss
- Undock charts from MT4 to view as part of your desktop
- Access interactive smart lines directly on charts when you create stops or limits
Controls all of your trades from a single, powerful window.
- See an improved deal ticket with more detail, including the spread
- Access configurable risk management tools
- Create alerts based on account activity
- Carry out bulk actions on all your open positions
- Save trades as templates, including advanced order types like breakouts and reversions
Let’s you keep your trades anonymous.
- Place stops or limit orders automatically using the app
- Add stop-losses and limits to your positions
Enables you to see how correlated your watched markets are, and limit your risk accordingly.
- Spot correlations at a glance
- Configure by timeframe or number of bars
Manage all your alerts, or create new ones, in a single window.
- Set up notifications for a range of scenarios with automatic actions
- Create alerts using technical indicators
- View and edit alerts that you’ve created elsewhere
See the latest news and upcoming market events in your trading platform.
- Add newsfeeds via RSS
- Access a detailed events calendar
- Real-time currency news from DailyFX
Is a way to filter markets, view account details and check your open positions in one place.
Can analyse market sentiment or view a historic price vs sentiment chart.
Tick chart trader
View a variety of tick charts and a new deal ticket for short term traders.
Looks at the correlations between any two markets.
You can see the time remaining in the current bar for a variety of timeframes.
Shows you which market is currently open, whether that be New York, London or Tokyo.
What is Autochartist?
When you download MT4 from IG, you get free access to Autochartist. Autochartist is a powerful pattern-recognition tool which automatically monitors the markets on your behalf. Its software is designed to identify trading opportunities for you based on support and resistance levels. It does this 24 hours a day and gives you price alerts whenever a new opportunity presents itself.
Autochartist can be found on the MT4 platform by going to the ‘navigator’ window and clicking on ‘scripts’.
How do you use Expert Advisors?
Expert Advisors (EAs) are programs which enable you to automate your trading in MT4. EAs are capable of monitoring the markets on your behalf using algorithms and then opening or closing positions according to pre-defined parameters. Once a position is open, EAs can add stops, trailing stops and limits to help minimise your exposure to risk.
EAs can be found in the ‘navigator’ tab to the top left of the screen within MetaTrader 4. When you download MT4 from IG, you get two EAs already installed: MACD Sample and Moving Average.
To activate either one of these EAs on a particular price chart, you first need to make sure that the ‘auto trading’ function found in the top toolbar is enabled.
Next, simply drag one of the EAs from the navigator window onto an open price chart.
You can see if it has been activated or not by a smiley face icon in the top right corner of the price chart onto which you applied the EA.
Notable addons and indicators that can be used to identify levels of support and resistance include ‘Support Resistance Indicator’ and ‘Support Resistance’.
Autochartist is also capable of identifying support and resistance levels. This is because Autochartist effectively performs the function of multiple indicators at once thanks to its advanced pattern-recognition software.
Moving Averages is one of the most popular MT4 indicators and can be used in commodity trading. It gives you the ability to gauge the direction of the current market trends, enabling you to spot swing lows and swing highs as periods of buying and selling.
Moving Averages is available in the Expert Advisors tab of the navigator window.
As well as downloading existing indicators and installing them onto your MT4, you can build your own custom indicators. The process for creating a custom indicator is similar to that for creating an Expert Advisor. To do this, press F4 on the keyboard within the MT4 platform, which will bring up the MetaEditor display. In the MetaEditor display, click on ‘New’.
This will bring up the MQL Wizard, where you can create your own custom indicators.
To install an indicator onto MT4, you’ll need to copy the indicator file into a folder called ‘indicators’, which you’ll find by clicking ‘file’ in the top navigation bar and then selecting ‘open data folder’.
Yes, you can install all our free indicators and apps in an MT4 demo to test-drive them without committing any capital.