What is Hull Butterfly Oscillator?
Hull Butterfly Oscillator is an MT4 subwindow momentum histogram. The original settings use length 14, Levels Multiplier 2.0, and Close as the calculation source.
LimeGreen and Crimson are the bullish and bearish histogram colors. These visible states describe momentum display, not a promised future move.
How to use Hull Butterfly Oscillator
Add the oscillator below an MT4 chart and read the histogram color and its changes as momentum context alongside price.
Change length, source, or levels multiplier only to alter the calculation inputs. Use the color states for review rather than treating them as a guaranteed signal.
Where it helps
LimeGreen and Crimson distinguish the histogram states.
Length 14 is the calculation setting.
Close and Levels Multiplier 2.0 remain explicit configuration inputs.
MT4 Indicator Parameters
The table below lists the available MT4 indicator parameters. You can customize these options in the MetaTrader Inputs dialog to match your trading preferences.
| Parameter | Description |
|---|---|
| length | Sets the period used for the calculation. The default value is 14. Default: 14. |
| Levels Multiplier | Sets the multiplier applied to the levels. The default value is 2.0. Default: 2.0. |
| Source | Selects the price source used for the calculation. The default value is Close. Default: Close. |
| Bullish Color | Sets the display color for bullish, upward-state histogram elements. The default value is LimeGreen. Default: LimeGreen. |
| Bearish Color | Sets the display color for bearish, downward-state histogram elements. The default value is Crimson. Default: Crimson. |
The screenshot above shows the default input parameters in the MT4 settings window.
How to Install .ex4 Indicator in MetaTrader 4
- Download the ZIP file and extract it.
- In MT4, select File → Open Data Folder.
- Open MQL4 → Indicators and copy the EX4 or MQ4 file into it.
- If the package includes library files, copy them to MQL4 → Libraries. Copy TPL files to the top-level templates folder.
- Restart MT4, find the indicator in the Navigator, and drag it onto a chart.
Test the tool on a demo account first. File contents and required folders can vary between packages.
