The Point Figure Indicator for MT4 is a popular and free Forex indicator that is useful for technical analysis. It is a charting technique that plots price movements in a series of Xs and Os, without taking into account the passage of time. This indicator is popular among traders because it can help them identify potential support and resistance levels, as well as trends. The Point Figure Indicator for MT4 works by plotting a series of Xs and Os, depending on the price movements. An X is plotted when the price rises above the previous bar’s high, while an O is plotted when the price falls below the previous bar’s low. This indicator can be used to identify potential support and resistance levels, as well as trends. To use the Point Figure Indicator for MT4, traders can select the timeframe they want to use for their analysis, and then select the number of boxes they want to use for the chart. Once these settings are selected, the indicator will plot a series of Xs and Os based on the selected timeframe and box size. It is easy to use and can help traders make informed trading decisions.
The Point Figure Indicator for MT4 is a popular and useful free Forex indicator that can help traders to identify potential entry and exit points in the market. This indicator uses a unique charting system which plots price movements in a columnar format, making it easier to identify potential buy and sell points. It is easy to use and can help traders to make more informed decisions when trading in the Forex markets.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.