MT4 MT5 Forex Charts: How to Install Multiple Indicators For Accurate Trading

hi I'm Scott Shubert and today I'mgoing to show you how to install multiple indicators in the same channelin metatrader4 and metatrader5 and then I'm going to show you why that might besomething that could be very important to you and your trading so let's getstarted right now okay so the first thing you want to dois in metatrader4 you can as you may know go to insert indicators and choosea certain indicator and then put it into your chart and so with this particularindicator and a lot of indicators in ministry or the way that you deal withscaling issues so that you have multiple indicators that are actually scalingtogether instead of moving up and down as you scroll back and forth they're notlocked together and so it doesn't give the right effect that you need to readit so you can put in a fixed minimum and I'm gonna put in negative 400 and afixed maximum of 400 and we'll have a period of 20 apply to the cloves what Iprefer and then here you can choose a color and the thickness and the style okay so I'm going back to well for thisparticular indicator you want to make sure you go back to the oscillatorsfolder and I have gone to view navigator so that these indicators are showing onthe left hand side of the chart and if you now just take this indicator anddrag it into the same channel and we'll make this one twenty five and you'll seein metatrader4 you got to put in that fixed minimum manually each time inmetatrader5 they have made it default to whatever you did last time saving alittle time but as we know metatrader4 and metatrader5 have never had anychanges of any significant improvement in somewhere around ten years so this isexactly the same as it was ten years ago nothing has ever been changed anyway sothat's one of the things that you have to do manually each time in metatrader4when you go into metatrader5 you'll see that it's a lot quicker okay so the nextone is 25 and everything else just leave the same and then now you have twoindicators in the same channel and they're locked together so if I scrollback and forth they just maintain their tight scaling together so then all I gotto do just keep on putting them in there and fixed minimum you can put any numberin here a fixed minimum fix maximum and it's cutting off the outlying part wherethis goes outside of 400 and just cutting it there so that it doesn'tscale way to one side and 400 is just in our arbitrary numberthat you can use negative 350 400 or 450 or any odd number in between there youcan put negative 379 or something as long as you have the same number in allof the indicators is the only thing that really matters if you are not sure whatI'm talking about try putting different numbers in thereand look at it you'll see what I mean so I'm going to add another one thistime 35 fix minimum fixed maximum boom gotanother one another one put it in there 40 fix minimum minus 400 fix maximum 400 okay do it again we're looking to putsix CCI is in here 45 minus 400 400 once more 50 – 400 400 click ok now youhave 4 no night now you have 6 CC eyes in here that are locked together withprecision and we won't go into the details of how you would use thisindicator for trading in this video but the first thing that you will notice isthat when you first get started in trading may come across information thatis using indicators and I remember when I first was learning thingsone person was saying you use this stochastics and the setting is 8 3 3 andthen someone else will say that uses stochastics in the setting is 5 3 3 andthen one of my mentors was demonstrating that oil on this sign frame used 13 3 3years a 5 5 or changing the the values of the indicators and eventually Idiscovered that if using indicators is extremely limited to what they canactually do anyway and I have looked through all the different types ofoscillators and indicators and most of them are just completely useless and Idon't have any use for them at all but if there is any use they would help youthe most by having a range of by having a range of settings in one channel sothat you're not just seeing you certainly don't want to look for anindicator to cross a level on a random timeframe cuz that would that doesn'treally have anything to do with why you would enter a trade or that would justbe just not even related but there may be some significance to the way thatthey oscillate and the way that they cross levels together and whether theyare compressed together or spread apart and there is a definite leading aspectthat CCI is able to demonstrate and convey visually by having multiple cceyes on there and so we can't go further into that in this video but take a lookat some of the different templates that I have used in the past here here's onethat has multiple stochastics notice that if I'm on the 4:00 hour these aretuned to a frequency this is actually showing you that okay this is going downnow it's going up if I go to a shorter time frame it is no longer useful justgoing to the 1-hour is just that's not going to be able to be used for tradingso there are resonant frequencies which we also are not going to get into inthis video I'm showing you how to put multiple indicators in one channel andjust showing you different examples of that here's another example somemultiple moving averages and some multiple stochastics okay so inmetatrader5 it's exactly the same except when you put the first one on there and here it's defaulting to typicalprice HLC divided by three and so I'm going to change that to close a periodof twenty close and fixed minimum – four hundredits maximum 400 and there we go the next one I put in there it's already in therefor negative 400 and 400 so the only thing I change is the period so nowthat's going to be very fast I just start throwing them in there and justchanging the the period only very quick very fast again so nice that metatrader5was able to make this improvement ten years ago but metatrader4 still the same okay so then I have six commoditychannel index indicators in one channel on this chart so you can see how quickand how easy that is and here's an example of a of a chart that hasmultiple CCI as well as multiple instances of an indicator called thestochastics fan and well just notice how this can reveal to your eye and to yourbrain certain information that you may not be able to see if you had oneindicator with a certain setting on there and this is definitely just thebeginning of how you would discover how to read the market using price actionand using any particular indicator which as I have said using indicators is anextremely limited way of reading the market but there are certain indicatorsthat may have some value in helping you to read the market but there is certainsteps that you would have to know in order to read anything on any chart ofthe financial markets and if you put indicators on on your chart and open upa random currency pair on a random time frame and look and tried to read howit's going up and down and crossing levels that in itself would becompletely useless don't even bother trying to do that there are other moreimportant steps that you need to do in order to read the market and someindicators may be able to assist you in that process but I have never had atrading method that was based on an indicator crossing a certain levelanything like that so if you would like to find out what really works in tradingin trading Forex or any other market in stocks and commodities and metals andcrypto currencies just go to tradingmastermind.

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Source: Youtube

MT4 MT5 Forex Charts: How to Install Multiple Indicators For Accurate Trading

http://tradingmastermind.com/forex-chart-reading-training-3/

Forget the settings you have been told and find out why they don't work. One reason, adding indicators to your MT4 or MT5 Forex trading charts don't work, is because many traders assume that adding the indicator and then getting in or out based on when they cross a level is a trading strategy and it is not, for anyone who expects to get decent results.

Metatrader changed a few things in their system and now it is harder to install custom indicators on your charts.

Another reason is because traders have been taught to use certain settings given by some mentor or Forex training program and you may find that if you decide to use a certain indicator, it is likely to give better visual assistance in identifying entry signals or exit signals or "market turning points" by using a range of settings adding multiple instances of the indicator in one channel. And when traders do use multiple indicators in the same channel as part of their technical analysis, they might discover the indicators are not scaling together or not aligned properly. WIth MT4, MT5, Tradingview, or Motivewave this can easily be fixed so that the indicators lock together in perfect alignment for optimum visual display of the most ideal turning points.