The MT5 platform offers a wide range of indicators that simplify market analysis. Most of these indicators are based on mathematical formulas applied to price action over a specified time period, helping to visualize crucial aspects of the price chart.
To add a new indicator to the chart, click Insert – Indicators. You will find the indicators listed and categorized in alphabetical order. For example, select a Moving Average, which is a line that displays the average price for a set number of the most recent time periods. Set the parameters of the indicator, such as choosing a period: if you select 14, the Moving Average will calculate the average of the last 14 periods—be it candles or bars. Initially, you may not need to focus too much on other parameters. Customize how the indicator looks by setting the color and thickness of the line. In the Visualization tab, you can choose the timeframes on which the indicator will be displayed.
Click OK, and the Moving Average is added to your chart. Every time a new candle opens, the MA is recalculated. There are two additional methods to add an indicator to the chart: one is by double-clicking an indicator in the Navigator Window, and the other is by clicking the Indicator icon in the main toolbar. An indicator can be overlaid directly on a price chart, as with the Moving Average, or shown in a separate window below it, such as the RSI indicator.
MT5 comes with a default set of technical indicators, but you can also add custom indicators that you have downloaded from the internet. Click File - Open Data Folder, open the MQL5 file, and then the “Indicators” folder. Paste the file of the custom indicator and restart MT5. The uploaded indicator will appear in the “Custom” category.
The settings of an indicator can be changed by right-clicking in the chart window and selecting “Indicators list”. Choose the desired indicator and press the “Edit” button. Alternatively, right-click on the indicator itself and select the “Properties…” command from the context menu. To delete the indicator, right-click on it and choose “Delete Indicator” or “Delete Indicator Window”.