This chapter has the purpose of making you familiar with the fact that beside the indicators/oscillators the Metatrader platform is offering, a simple look over the Internet shows you there are hundreds of indicators for trading financial instruments and each day new ones are being developed/discovered.
If you want to use your own indicator, that you developed or someone programed it for you, or if you just want to import one that is not on the standard Metatrader offering, than you can do this using this Custom Indicator option. From this tab/section/area of the platform you can upload your indicator and placed it on the chart.
For the purpose of our analysis here I took a short look at OsMA (moving average of oscillators), presenting it’s standard interpretation and what to look for when used. The oscillator was randomly chosen, only for the purpose of showing you how to actually take one from the list and attach it to a chart.
Trading, like any other field, it is based on people’s actions and therefore market is in a constant change over and over again. Therefore market participants need all kind of new techniques/indicators to help them trade an ever changing market like the currency market is. For that purpose Metatrader allows you to bring your own work/research/data/developments that is translated into an indicator/oscillator and uploaded on your own platform. In order to do so, if you want to upload an indicator that is not on the Custom Indicators list, you need to first find the location were the Metatrader platform is saved on your computer, then look for the Experts tab, Indicators, and you can Paste it in there. Second, you need to restart your platform. And third, open the Navigator tab, look for Custom Indicators, and on that list you should find the indicator that you just added. Click and drag over a chart and you’re ready to start using it.
Next recording will show you how to actually place an indicator on a chart and what options you have when trying to deal with more on the same chart/time-frame. Stay tunned.