The Welch Bollinger Band Width indicator is a popular and useful Forex indicator for the MT4 trading platform. This free indicator measures the distance between the upper and lower Bollinger Bands, providing traders with an insight into the volatility of the market. The indicator is easy to interpret, with a lower band width indicating a more volatile market, and a wider band width indicating a less volatile market. The Welch Bollinger Band Width indicator is based on the Bollinger Bands, an indicator developed by John Bollinger. The Bollinger Bands measure the volatility of the market by plotting two bands around the price action of the currency pair. The upper band is plotted two standard deviations above the moving average, while the lower band is plotted two standard deviations below the moving average. The distance between the two bands is the Bollinger Band Width, and this is what the Welch Bollinger Band Width indicator measures. This free indicator is easy to set up and use, making it a popular choice for Forex traders.
MT4
Welch Bollinger Band Width
The Welch Bollinger Band Width Indicator is a useful tool for Forex traders using the MT4 platform. The indicator works by calculating the difference between the upper and lower Bollinger Bands. By using this indicator, traders can gain a better understanding of when a currency pair is overbought or oversold and make more informed trading decisions.
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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.
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