Overlay Chart Indicator For MT4 | Download Best Free Indicators (2024)

The Overlay Chart Indicator for MT4, also known as the “Chart Overlay” or “Overlay Chart” indicator, is a technical analysis tool that allows you to display multiple currency pairs or securities on the same chart. It is commonly used in the MetaTrader 4 (MT4) trading platform, which is a popular platform for Forex traders.

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How to use Overlay Chart Indicator for MT4

To use the Overlay Chart Indicator, you first need to add it to your MT4 chart. To do this, you can follow these steps:

1. Right-click on the chart and select “Indicators” from the context menu.
2. Scroll down the list of indicators and select “Overlay Chart.”
3. Click “OK” to add the indicator to the chart.

Once the indicator is added to the chart, you can use its settings to customize how it displays the data. For example, you can choose which currency pairs or securities to say, set the colors and styles of the lines, and adjust the time frame.

The Overlay Chart Indicator can be a valuable tool for traders who want to compare the performance of multiple assets or see how different pairs or securities are correlated. It can also help you identify trends and patterns that may not immediately be apparent when looking at a single chart. However, I would like to remind you that technical analysis should be just one part of your overall trading strategy and not be used exclusively.

Overlay Chart Indicator MT4 trading settings

To customize the settings for the Overlay Chart Indicator in MT4, you can follow these steps:

1. Right-click on the chart and select “Indicators” from the context menu.
2. Scroll down the list of indicators and select “Overlay Chart.”
3. The “Indicator Properties” window will appear.
4. In the “Inputs” tab, you will see a list of settings you can adjust.

Some of the settings that you can customize for the Overlay Chart Indicator include:

• Timeframe: This determines the time frame of the data displayed in the chart. You can choose from various time frames, such as M1 (1 minute), M5 (5 minutes), H1 (1 hour), etc.
• Instrument: This is the currency pair or security you want to display on the chart. You can choose from available instruments or enter a custom symbol.
• Line style: This determines the appearance of the line on the chart. You can choose from various line styles, such as solid, dotted, dashed, etc.
• Line width: This determines the thickness of the line on the chart. You can adjust this setting to make the line thicker or thinner.
• Line color: This determines the line’s shade on the chart. You can choose from various colors or enter a custom color code.
• Scale: This determines the scale of the chart. You can adjust this setting to zoom in or out on the chart.

Once you have adjusted the settings to your liking, click “OK” to apply the changes and close the “Indicator Properties” window. The Overlay Chart Indicator will then be displayed on the chart with the customized settings. I would like to let you know that these settings can be changed at any time by repeating the above steps.

Overlay Chart Indicator Advantages

There are several advantages to using the Overlay Chart Indicator in your trading:

1. Comparison of multiple assets: The Overlay Chart Indicator allows you to compare the performance of numerous currency pairs or securities on the same chart. This can help you identify correlations and trends between different assets, which can help diversify your portfolio or identify potential trading opportunities.
2. Trend identification: By displaying multiple assets on the same chart, the Overlay Chart Indicator can help you identify trends and patterns that may not be immediately apparent when looking at a single chart. This can be especially useful for identifying long-term trends that may not be apparent in shorter time frames.
3. Customization: The Overlay Chart Indicator allows you to customize various settings, such as the time frame, line style, and color, to suit your specific needs and preferences. This can help you tailor the indicator to your particular trading style and make it easier to use.
4. Ease of use: The Overlay Chart Indicator is easy to use and can be added to any MT4 chart with just a few clicks. This makes it accessible to traders of all skill levels and allows you to quickly and easily compare multiple assets.

It is important to note that the Overlay Chart Indicator is just one tool among many that traders can use to analyze the markets and make trading decisions. As with any technical analysis tool, it is essential to use it in conjunction with other analysis techniques and not rely exclusively on it.

Overlay Chart Indicator Disadvantages

There are also a few disadvantages to using the Overlay Chart Indicator in your trading:

1. Limited to MT4: The Overlay Chart Indicator is only available in the MetaTrader 4 (MT4) trading platform, which means it is not accessible to traders who use other media.
2. Limited to technical analysis: The Overlay Chart Indicator is a technical analysis tool, which means it is based on past price and volume data. It does not consider fundamental factors such as economic news or company earnings, which can significantly impact asset prices.
3. Not a standalone tool: As with any technical analysis tool, the Overlay Chart Indicator should not be used as a standalone tool to make trading decisions. It is essential to combine it with other analysis techniques, such as fundamental analysis, and to not rely on it exclusively.
4. May produce false signals: Technical analysis tools, including the Overlay Chart Indicator, can produce false signals, especially in volatile or rapidly changing market conditions. I think it’s essential to be aware of this and use the indicator cautiously.
5. May only work for some assets: The Overlay Chart Indicator is designed to work with currency pairs and other securities, but it may only be effective for some purchases. It is essential to test the indicator on various assets and time frames to see how it performs.

OC Indicator installation on MT4

To install the Overlay Chart Indicator on the MetaTrader 4 (MT4) trading platform, you can follow these steps:

1. Download the indicator file: The Overlay Chart Indicator is not included with the default installation of MT4.
2. Save the indicator file: Once you have downloaded the indicator file, save it to a location on your computer where you can easily find it later.
3. Open MT4: Launch the MT4 trading platform and open the chart for the currency pair or security that you want to add the indicator.
4. Install the indicator: To install the hand, you can either:

• Drag and drop the indicator file onto the chart.
• Right-click on the chart and select “Indicators” from the context menu. Scroll down the list of indicators and select “Custom.” Locate the indicator file on your computer and click “Open” to add it to the chart.

1. Configure the indicator: Once the hand is added to the chart, you can customize its settings by right-clicking on it and selecting “Indicators” from the context menu. Scroll down the list of indicators and select “Overlay Chart.” The “Indicator Properties” window will appear, and you can adjust the various settings to suit your needs.

It is important to note that the Overlay Chart Indicator is just one tool among many that traders can use to analyze the markets and make trading decisions. As with any technical analysis tool, it is essential to use it in conjunction with other analysis techniques and not rely on it exclusively.

Overlay Chart Indicator mt4 free download

Conclusion

In conclusion, the Overlay Chart Indicator is a technical analysis tool that allows traders to display multiple currency pairs or securities on the same chart in the MetaTrader 4 (MT4) trading platform. It can be a valuable tool for comparing the performance of different assets, identifying trends and patterns, and customizing the chart’s appearance. However, it is essential to remember that the Overlay Chart Indicator is just one tool among many that traders can use to analyze the markets and make trading decisions. It should not be used as a standalone tool and should be combined with other analysis techniques, such as fundamental analysis. Also, it is essential to be aware of the limitations of the indicator, such as its reliance on past data and the potential for false signals, and to use it with caution.