NoProgra Custom Indicator Builder is a standalone module of NoProgra EA Builder. It uses a similar graphical interface that allows users to create custom indicators for MT4 using natural language (the way we speak).The natural language is translated to MQL4 by NoProgra so you don’t need to code or program in MQL.
With NoProgra Custom Indicator Builder you can create your own indicators for MT4 and use them in NoProgra EA Builder.
A custom indicator for MetaTrader is an indicator that does not come with MetaTrader. It’s an indicator created by a MetaTrader user.
To create your own custom indicator, just follow a simple process:
0. Run the Custom Indicator Module(NoPrograCIB)
1. Add an Indicator Signal: A signal is a line, icon, or histogram that represents an Indicator Formula
2. Add a formula to the Indicator Signal: Indicators are based on formulas that use prices and/or volume. For example the formula for a moving average may look like:
MA = (Close Price in bar 1 + Close Price in bar 2 + … + Close Price in bar n)/n
You need to define the formula for your custom indicator.
3. Generate your custom indicator
Pay attention to the signal number. A MetaTrader indicator can have up to 8 signals, with signals numbers from 0 to 7. You need to know the signal number to be able to use the indicator in an Expert Advisor.
4. Find the custom indicator in MetaTrader. Look for it under custom indicators.
5. Attach the indicator to a chart
Here a list of things to take into account when creating custom indicators for MT4:
-Custom Indicators are available in the directory MetaTrader Directory/experts/indicators
-A custom indicator cannot trade
-A custom indicator uses historical information of prices and volume
-Historical information only uses 4 prices per bar: open, close, high and low. It does not uses all the prices between open and close,
– To reference bars MetaTrader user an index:
0 is the current bar
1 is the previous bar
2 is the bar before the previous bar
3 is … etc
-The index is used in the formula – it’s always between [ and ]
[i+0] means use current bar info
[i+1] means use previous bar
[i+2] means use the bar before the previous bar
-Custom indicators for MetaTrader can have up to 8 signals
-Each signal has a number to identify it
-In MetaTrader signals can be plotted on the chart or below the chart
-In a custom indicator, all signals have to be plotted in the same way. You cannot have one indicator that plots a signal on the chart and another signal below the chart. If you need to display the signals in different ways, you need to create two indicators.
-If your custom indicator formula uses / (Divide by as in a/b), you can have “division by zero issues”. To avoid them make sure to use this pattern a/(b+0.0000000000001) Add a really small number to avoid division by zero, make sure it does not affect your formula.
-When you generate the custom indicator code, you will see a message with the signals and the way to identify them.
-The custom indicator will be saved under MetaTrader Directory/experts/indicators
-Go to the EA Builder, select the custom indicator option
-Import the custom indicator
Custom Indicators Examples
Examples are located under the Indicator_Builder folder.
-Simple high, low indicator: (high-low.nci file) It shows the high and low prices of different bars
-Average Price indicator: (average-price.nci file) Uses the formula (Open+Close)/2
-Candle Body – Open, Close difference: (body.nci) It plots the candle body as a histogram
-Simple Moving Average: (simple-ma.nci file) Uses the close price and a period of 4
-Momentum Indicator: (momentum-indicator.nci file) Use close prices. (100*Close[i])/Close[i+5]
-Volume Indicator: (volume-indicator.nci) Plots volume in a histogram