What is Custom Indicator?
A Custom Indicator is a technical indicator coded independently of an EA which is basically intended to help traders with their market data analysis. It can be added to the default MT4 indicators which are already installed in the platform. Unlike EAs, MT4 built-in custom indicators are not used to trade automatically. They are designed to help traders with on-chart analysis in order to find possible trading opportunities.
With the MQL4 programming language, the MT4 platform offers an exceptional opportunity for traders to create and add their own custom indicators into their MT4 client terminals. It’s not only for technical traders. If you are trading based on fundamental news only, you can load all relevant news events on your terminal, and create your own custom indicator and set alarms for the new events that you consider important.
The internet at large and the MQL4 community have plenty of custom indicators for MT4 for free. Built-in indicators can also be customized to meet different traders’ requirements.
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