The On Balance Volume (OBV) indicator for MT5 is a popular and free forex indicator that is useful for traders of all levels. This technical indicator measures the positive and negative flow of volume in the market and is used to identify potential trend reversals and confirm existing trends. The OBV indicator plots a cumulative total of volume on the price chart and is used to identify divergences between price and volume. The OBV indicator is easy to use and understand. All that is required is for the trader to monitor the OBV line and look for divergences between the OBV and the price. When the OBV line is increasing and the price is decreasing, this is a sign of a potential trend reversal and a buying opportunity. Conversely, when the OBV line is decreasing and the price is increasing, this is a sign of a potential trend reversal and a selling opportunity.
MT5
OBV Indicator
The OBV Indicator for MT5 is a popular and free Forex indicator that helps traders to identify the momentum of a currency pair. The indicator is plotted as a line chart that shows the cumulative buying and selling volume of a currency pair. The OBV Indicator for MT5 is a great tool for any trader looking to gain insights into the momentum of a currency pair.
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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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