The Aroon Indicator is a popular free Forex indicator for MT4 that is useful for analyzing the momentum of a currency pair. It is composed of two lines, Aroon Up and Aroon Down, that measure the strength of a trend over a given period of time. Aroon Up measures the number of periods since the highest high in the period, while Aroon Down measures the number of periods since the lowest low in the period. When the Aroon Up line is above the Aroon Down line, it indicates an uptrend, and when the Aroon Down line is above the Aroon Up line, it indicates a downtrend. The Aroon Indicator is a great tool for traders to use in their technical analysis. It helps traders identify strong trends and determine when a trend is likely to reverse. This can be useful for determining entry and exit points in a trade. Traders can also use the Aroon Indicator to determine the strength of a trend. If the Aroon Up line is above 50, it indicates a strong uptrend, and if the Aroon Down line is below -50, it indicates a strong downtrend. The Aroon Indicator is a great tool for traders of all levels. It is easy to use and can be a great addition to any trading strategy.
The Aroon Indicator is a popular and free Forex indicator used in the MT4 platform. It is a useful tool for traders as it helps identify potential trend reversals and breakouts. It then creates two lines, one for the highs and one for the lows, which are then used to measure the strength of the trend. The Aroon Indicator is easy to interpret, as the lines move closer together, the trend is considered to be weak. Conversely, if the lines move further apart, the trend is considered to be strong. Traders can use this information to make informed trading decisions, such as entering and exiting trades.
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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.