Installing a tool on MetaTrader 5 takes two minutes when you know where to put the file. When you do not, it can take an evening. Here is the complete method, then the most common problems, with their solution.
What a download contains
A MetaTrader 5 tool comes in one of these forms:
- an .ex5 file: the compiled program, ready to use;
- an .mq5 file: the source code, readable and editable, which needs compiling (MetaTrader often does it by itself on refresh);
- sometimes an Include folder or .set files (ready-to-load settings).
Downloads usually come as a .zip file. Start by extracting it: MetaTrader does not read files inside an archive.
Step 1: open the data folder
In MetaTrader 5: File menu, then Open Data Folder. An Explorer window opens. That is where, and nowhere else, MetaTrader looks for its programs. The installation folder (in "Program Files") is not the right one.
Then open the MQL5 folder. Among others, you will find:
| Folder | What goes in it |
|---|---|
MQL5/Indicators | indicators |
MQL5/Experts | robots (Expert Advisors) and trading panels |
MQL5/Scripts | scripts, which run once |
MQL5/Include | include files supplied with some tools |
MQL5/Presets | .set settings files |
Step 2: drop the file in the right place
Copy the .ex5 (or the .mq5) into the folder that matches its type: an indicator into Indicators, a robot into Experts. The tool's page states its type. If an Include folder is supplied, copy its content into MQL5/Include.
You can create a subfolder (for example Indicators/SYVARN) to keep your tools tidy: MetaTrader reads it too.
Step 3: refresh the Navigator
Go back to MetaTrader. Open the Navigator (Ctrl+N), right-click Indicators or Expert Advisors, then Refresh. The tool appears in the list. Restarting MetaTrader works too.
Step 4: put it on a chart
Drag the tool from the Navigator onto the chart you want (or double-click it). A settings window opens:
- the Inputs tab holds the tool's settings;
- for a robot, the Common tab holds the Allow Algo Trading box.
Confirm. An indicator shows up immediately. A robot shows its name in the corner of the chart.
Step 5 (robots only): allow algorithmic trading
A robot places no orders until the Algo Trading button in the toolbar is switched on. It must be on (green), and the robot's box must be ticked. The robot icon in the corner of the chart shows the state: if it is greyed out or crossed out, automated trading is blocked.
Always start on a demo account, with the settings you intend to use.
The six most common problems
1. The tool does not appear in the Navigator
Almost always a folder problem: the file is in the installation folder, in the wrong subfolder (a robot in Indicators), or still inside the .zip. Check the path via File > Open Data Folder, then refresh.
2. The robot is on the chart but does nothing
Check in this order: is the Algo Trading button on? Is the Allow Algo Trading box ticked in the robot's properties? Is the market open? Are the robot's entry conditions met? A robot waiting for its signal is a robot that works.
3. An error message, but which one?
Open the Toolbox (Ctrl+T). The Experts tab shows the tools' messages (errors, rejected orders, warnings); the Journal tab shows the terminal's. The exact message almost always says what is wrong: invalid volume, stops too close, not enough margin.
4. "Invalid volume" or "invalid stops"
The requested lot does not respect the symbol's minimum or step, or the stop is too close to price for your broker. Check the symbol specification (right-click in Market Watch) and adjust the settings. Every broker, and every symbol, has its own values.
5. The tool asks to allow WebRequest
Some tools exchange data with a website, like SYVARN Bridge with the SYVARN terminal. MetaTrader blocks these exchanges by default. In Tools > Options > Expert Advisors, tick Allow WebRequest for listed URL and add the address given on the tool's page. Only add addresses you know.
6. The tool asks to allow DLLs
A DLL gives a program extended access to your computer. If a tool needs one, its page says so. Never allow DLLs for a file whose origin you do not know.
Basic safety rules
- Only download tools from a source you know.
- No serious tool asks for the password of your trading account or your broker. SYVARN will never ask for it.
- Test any robot on a demo account before going live, with the position size you will use.
- If a tool behaves abnormally, remove it from the chart and write to its author.
For licensed tools
SYVARN premium tools are tied to your MetaTrader 5 installation: that is why the order form asks for the path of your MQL5 folder. If you change computer or reinstall MetaTrader, write to support before reinstalling the tool.
The takeaway
The right folder is always found via File > Open Data Folder. An indicator goes into Indicators, a robot into Experts. After copying, refresh the Navigator. For a robot, two permissions: the Algo Trading button and the robot's box. And whenever in doubt, the Experts tab of the Toolbox has the answer.