This is a preliminary guide to using the indicator creator. A more in-depth guide including screenshots will be coming shortly.

What is the Indicator Creator?

The indicator creator is a web application which generates a mq4 file which can be installed and run on the Metatrader 4 platform. I tried to make this application user-friendly as well as available to even beginning traders.

Step 1:

When you first entered the page you'll see step one choosing your indicator. I have a list of about 12 indicators currently, more will be added if this application is well received. If you click on an indicator you will get basic information about the indicator as well as a picture of what it looks like. By clicking the "Add Indicator" button you will this indicator to your project.

Step 2:

In a few moments you will notice a new indicator object under the heading Step 2: choose indicator settings. This is where you can edit the settings that the indicator will use when you are running the project in MetaTrader. Next to each variable name is a question mark icon which will explain exactly what that setting means.

Step 3:

Once you have finished adding and editing your indicators, we must move on to the logic. I have selected a few of the main signals given by each of the indicators. Most signals involve being above or below a point, crossing a point, or rising and falling. There are couple more including divergences as well as a few specific signals for certain indicators. As you make your choices in the logic statement, you will dynamically get the next set of options depending on your choice. It may take a few moments to process a selection before you get your next set of options. After choosing a statement you will notice a question mark icon which will give you more information about what exactly that logic statement means. Finally you must choose whether you want that logic statement to indicate a buy or a sell. Change the label for the logic statement to be what you would like to display on the chart, and then lock each statement.

Step 4:

Next, choose what display options you wish to have. Currently there are two options. One to display each logic statement under the chart with either a buy or sell arrow. The other will draw an arrow on the chart when either all the buy signals or all the sell signals are true.

Finally, choose a name for the indicator and click generate, this will result in a download link. Right-click and use save as to save the file. In the next tutorial I will show you how to install and run this file on your MetaTrader platform.