Custom indicator is a program independently developed in MetaQuotes Language 4 by the user and functioning as a technical indicator. Technical indicator is a mathematical transformation of security price and/or volume in order to forecast future price changes. The use of indicators allows to answer the question about whether the current trend will remain the same and where it will turn. Indicators are intended for relative simplifying of the complicated process of trading decision making. Algorithms of indicators are also used for development of trading tactics and expert advisors.
Working with custom indicators means:
Creation of an Indicator
To create and compile custom indicators, one has to use the built-in “MetaEditor”. It is a constituent of the client terminal and represents a convenient development environment of MQL4 programs.
Before using of custom indicators, one has to set them up first. Working parameters common for all indicators are defined in the window of client terminal settings. Besides, every indicator can have its own settings.
Imposing of an Indicator
Parameters of the indicator are calculated and the indicator itself is drawn when imposed into the chart.
Deletion of an Indicator
If there is no need of an indicator anymore, the indicator can be deleted from the chart.