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Absolute Strength Histogram

The Absolute Strength Histogram indicator for MT4 displays the trend strength and direction of a financial asset and provides buy and sell entries. The Absolute Strength Histogram Indicator is a useful tool for traders who want to gain insight into the current trend and make better trading decisions.

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Description

The Absolute Strength Histogram indicator for MT4 is a financial market trend analyzer that gauges the strength of an instrument to determine the market direction. It also identifies buying and selling opportunities in the market, enabling traders to find trading opportunities.

The indicator works based on the principle of the absolute strength of the price, where past price data is used to measure the magnitude of price changes over a specified period. Therefore, it’s a powerful tool for identifying market trends and short-term trading opportunities.

Features of the Absolute Strength Histogram Indicator

The indicator paints histogram bars based on the direction and strength of the market trends. The green bar indicates increasing absolute strength, suggesting a potential bullish trend, while the red bar depicts decreasing absolute strength, which suggests a potential bearish trend.

Furthermore, the indicator has green and red lines, which signal buy and sell entries. So, Forex traders may look for buying opportunities when the indicator paints a green histogram bar with the green line staying above the red line. Conversely, a selling opportunity is when the indicator paints a red bar, and the red line is above the green line.

In addition, the indicator parameters are customizable, allowing traders to adjust the inbuilt parameters to suit their preferences and trading styles.

Benefits of Using the Indicator

  • Trend strength Identification: The indicator can be a valuable tool that assists traders in identifying the strength and direction of the market without hassle.
  • Confluence: The Absolute Strength Histogram indicator can be used as a confluence with price action or other technical indicators to find optimal buy and sell entries.

Indicator Settings Description

The indicator comes with the following customizable settings:

Mode: Determines the calculation mode of the moving average indicator.

Length: Determines the number of bars used in the calculation.

Smooth: Determines the level of smoothing applied to the indicator.

Signal: Determines the method used to generate buy/sell signals.

Price: Determines the type of price (e.g., closing price, etc.) used by the indicator for analysis.

ModeMA: This shows the mode of the moving average for analysis.

Mode_Histo: Determines the histogram’s mode of display.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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