If you're trading for a prop firm or gearing up to crush a challenge, there’s a solid chance you’ve heard people rave about custom indicators on MT5. These aren’t your run-of-the-mill tools—they're tailor-made to help you spot high-probability setups, avoid dumb trades, and generally make your life easier as a trader. And when you're trading someone else’s capital then you want every edge you can get.
But downloading and installing these custom indicators? That can get a little tricky if you’re not familiar with how MT5 works under the hood. No worries though—this guide is here to walk you through the process, step by step.
What Are MT5 Custom Indicators?
Before we get into the nitty-gritty of downloading them, let’s quickly talk about what MT5 indicators actually are.
In simple terms, a custom indicator is a tool someone built using the MQL5 programming language. Unlike the default indicators you get with MT5 (like Moving Averages, RSI, MACD, etc.), custom indicators are designed to do something more specific or give you an edge the standard tools don’t.
They might:
- Highlight institutional order blocks
- Detect volume spikes
- Combine multiple timeframes into one clean display
- Signal high-risk zones to avoid trades
- Or just make your chart look cleaner and easier to read
The point is, these indicators can be customized to fit your trading strategy—or the rules of a particular prop firm challenge.
Why Prop Traders Love Custom Indicators
When you're trading with a prop firm, time is money. You don’t have hours to sit and squint at charts or double-check signals across multiple pairs. And you sure don’t want to lose a funded account over a silly mistake that a custom tool could’ve prevented.
Here’s why many prop traders swear by them:
- They speed up your analysis – One glance and you know if a setup’s worth it.
- They help you follow prop rules – Some indicators are built specifically to help you avoid breaking drawdown or risk limits.
- They eliminate guesswork – Color-coded zones, alerts, and clean visuals mean fewer "I thought it would bounce" moments.
- They boost confidence – When you’ve got a visual confirmation that matches your analysis, pulling the trigger is way easier.
Where to Find MT5 Custom Indicators
If you want to download custom indicators for MT5, there are a few solid places to look:
MQL5 Marketplace
This is the official hub where developers post their custom indicators (some are free, others paid).
- Go to www.mql5.com
- Head over to the Market section
- Filter for MT5 (MetaTrader 5) indicators
- You can sort by “Free,” “Top Rated,” or by niche (like volume, scalping, or trend-following tools)
The MQL5 marketplace is safe, clean, and tightly moderated. You can even test-drive some of the indicators in demo mode.
Trading Communities (Telegram, Discord, etc.)
Tons of prop traders hang out in groups where developers drop custom indicators they’ve built—sometimes for free, sometimes as part of a mentorship or signal group.
Just be cautious here. Don’t download random files from strangers unless they’re from a trusted source. Stick to communities where you know the creators and traders are legit.
YouTube Traders & Educators
There are many trading YouTubers who give away their own custom indicators in exchange for a like or email signup. It’s a decent trade-off if the tool is solid. Just make sure it’s for MT5—you’ll be surprised how many people still only offer MT4 files.
How to Download MT5 Custom Indicators (Step-by-Step)
Step 1: Download the .ex5 or .mq5 File
Most custom indicators will come in one of two file types:
- .ex5 – This is the compiled version. Just plug and play.
- .mq5 – This is the raw source code. You’ll need to compile it in MT5 before using.
Once you’ve got the file on your computer, you're halfway there.
Step 2: Open MT5 and Go to "File > Open Data Folder"
Inside MT5, click:
- File
- Open Data Folder
This will launch a folder on your computer that holds all the back-end files for MT5.
From there, navigate to:
MQL5 > Indicators
This is where you’ll want to paste the indicator file you downloaded.
Step 3: Paste the File Into the Indicators Folder
Just drag and drop the .ex5 or .mq5 file into that Indicators folder.
Once it’s in there, close the file explorer window.
Step 4: Restart MT5 or Refresh the Navigator
Now hop back over to MT5 and go to your Navigator panel (you can open it with Ctrl + N if it's not already visible).
Right-click on “Indicators” and hit Refresh.
Your custom indicator should now appear in the list.
How to Add the Indicator to a Chart
This part’s super easy:
- Open any chart in MT5
- In the Navigator panel, drag the new custom indicator onto the chart
- A window will pop up with settings (you can tweak inputs, colors, etc.)
- Hit OK and you’re good to go
Some indicators might also need additional files like DLLs or scripts. If that’s the case, the developer should’ve included instructions. If not? Probably skip it—it’s not worth messing up your setup or risking a shady file.
Bonus Tip: Organize and Backup Your Indicators
Once you’ve got a few indicators you love, do yourself a favor and back them up. Make a folder on your desktop or Google Drive and keep your favorites there.
Also, don’t overload your charts with 10+ custom tools. It clutters things, slows down MT5, and honestly—less is more when it comes to chart reading, especially under the pressure of prop firm rules.
Pick 2-3 indicators that complement your strategy and focus on mastering them.