Hot Keys Indicator For MT4 | Download Best Free Indicators (2024)

The Hot Keys Indicator is a custom indicator for the MetaTrader 4 (MT4) trading platform. It is designed to allow traders to set hotkeys, or keyboard shortcuts, for various actions within the MT4 platform. These actions include opening and closing trades, modifying orders, and more.

To use the Hot Keys Indicator, you must first download and install it on your MT4 platform. Once it is installed, you can attach it to any chart by clicking on the “Insert” menu, selecting “Indicators,” and then selecting “Custom” from the list of available indicators.

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In the indicator’s settings, you can specify the hotkeys you want to use for different actions. For example, you may set the “F1” key to open a buy trade or the “F2” key to close a trade. The Hot Keys Indicator will then respond to these hotkeys whenever pressed, allowing you to quickly and easily exefficientlytrades and manage your positions without navigating through the MT4 interface.

Some traders find the Hot Keys Indicator a valuable tool for increasing efficiency and speed. It can also be helpful for traders who use automated trading systems and want to quickly and efficiently execute trades and manage their positions.

How to use Hot Keys Indicator for MT4

To use the Hot Keys Indicator for MT4, follow these steps:

1. Download and install the indicator on your MT4 platform. You can find the Hot Keys Indicator online or through the MT4 market.
2. Open the MT4 platform and load a chart to which you want to apply the indicator.
3. Click on the “Insert” menu at the chart’s top and select “Indicators.”
4. From the list of available indicators, select “Custom.”
5. In the “Custom Indicators” window, select the Hot Keys Indicator and click “OK.”
6. The Hot Keys Indicator will be added to the chart, and you can access its settings by right-clicking on the indicator and selecting “Properties.”
7. In the indicator’s settings, you can specify the hotkeys you want to use for different actions. You can also customize other locations, such as the color and width of the indicator line.
8. Click “OK” to apply the settings and start the indicator. The Hot Keys Indicator will now be active and respond to the hotkeys you have set.

It is important to note that the Hot Keys Indicator is a custom indicator, which means that it is not part of the default set of indicators provided by MT4. As a result, you may need to download and install it separately. You can find more information about custom indicators online or through the MT4 market.

Hot Keys Indicator MT4 trading settings

The Hot Keys Indicator for MT4 has several settings you can customize to suit your trading needs. These settings can be accessed by right-clicking on the indicator and selecting “Properties” from the menu.

Here are some of the main settings that you can customize:

1. Hotkeys: This setting allows you to specify the hotkeys you want to use for different actions within the MT4 platform. For example, you can set the “F1” key to open a buy trade or the “F2” key to close a trade.
2. Sound: You can choose to enable or disable a sound notification when a hotkey is pressed.
3. Show Text: If this setting is enabled, the indicator will display text on the chart indicating the pressed hotkey.
4. Text Color: This setting allows you to specify the color of the text displayed on the chart.
5. Line Color: This setting allows you to specify the color of the indicator line.
6. Line Width: This setting allows you to specify the width of the indicator line.

These are just a few settings you can customize with the Hot Keys Indicator. You can find more information about the indicator’s settings in the documentation provided with the hand or online.

Just to let you know, the Hot Keys Indicator is designed to work with the MT4 platform and may not be compatible with other trading platforms or software. As a result, you may need to adjust the hotkeys you use depending on your platform.

Hot Keys Indicator Advantages

The Hot Keys Indicator for MT4 has several advantages that make it a valuable tool for traders. Here are a few key benefits of using the Hot Keys Indicator:

1. Increases efficiency: One of the main advantages of the Hot Keys Indicator is that it allows traders to execute trades and manage their positions more efficiently by using hotkeys. This can help traders save time and be more productive, especially when trading fast-moving markets.
2. Customizable settings: The Hot Keys Indicator has several settings that allow traders to tailor it to their specific needs. For example, traders can specify the hotkeys they want to use for different actions and customize the indicator’s appearance and behavior.
3. Compatible with automated trading systems: The Hot Keys Indicator can be helpful for traders who use mechanical trading systems, as it allows them to quickly and efficiently execute trades and manages their positions without having to navigate through the MT4 interface.
4. Easy to use: The Hot Keys Indicator is easy to use and can be attached to any chart on the MT4 platform with just a few clicks.

Overall, the Hot Keys Indicator is a valuable tool for traders who want to increase their efficiency and speed. It can help traders save time and be more productive, and it can be customized to suit the specific needs of different traders.

Hot Keys Indicator Disadvantages

Like any tool, the Hot Keys Indicator for MT4 has potential disadvantages that traders should be aware of. Here are a few potential drawbacks of using the Hot Keys Indicator:

1. It may be confusing: One potential disadvantage of the Hot Keys Indicator is that it may need to be clarified for some traders, especially if they are unfamiliar with using hotkeys. If you are not used to using hotkeys, it may take some time to get used to the indicator and remember the different hotkeys you have set.
2. May affect performance: Depending on the number of hotkeys you set and the frequency with which you use them, the Hot Keys Indicator may have an impact on the version of the MT4 platform. If you select a large number of hotkeys or use them excessively, it may put additional strain on the forum, potentially causing it to run slower or crash.
3. May not be necessary: In some cases, traders may need help finding the Hot Keys Indicator. For example, if you are comfortable navigating the MT4 interface and do not need to execute trades or manage your positions quickly, you may not need the indicator.
4. Custom indicator: The Hot Keys Indicator is a custom indicator, which means that it is not part of the default set of indicators provided by MT4. As a result, you may need to download and install it separately. This can be inconvenient for some traders, especially if they need to become more familiar with custom indicators.

HK Indicator installation on MT4

To install the Hot Keys Indicator on your MetaTrader 4 (MT4) platform, follow these steps:

1. Download the Hot Keys Indicator file. The file should have a “.ex4” extension.
2. Open your MT4 platform and click on “File” in the top menu.
3. Select “Open Data Folder” from the dropdown menu. This will open the folder where all the files for your MT4 platform are stored.
4. Navigate to the “MQL4” folder, then the “Indicators” folder.
5. Copy the downloaded Hot Keys Indicator file and paste it into the “Indicators” folder.
6. Close and re-open your MT4 platform.
7. In the main menu, click “View” and select “Navigator.” The Navigator window will appear on the left side of the platform.
8. In the Navigator window, click on the “Indicators” tab.
9. Scroll down until you see the Hot Keys Indicator. Double-click on it to add it to your cart.
10. The Hot Keys Indicator will be added to your chart, and you can customize its settings as needed.

Note: If you cannot find the Hot Keys Indicator in the Navigator window, you may need to refresh the list of indicators by right-clicking on the “Indicators” tab and selecting “Refresh.” This will update the list of indicators and should make the Hot Keys Indicator available.

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Conclusion

The Hot Keys Indicator is a useful indicator that can help you improve your trading skills. It is free of charge from the MetaTrader 4 (MT4) platform, and installation instructions are easy to follow.