The Color MA Indicator is a useful and popular free Forex indicator for the MetaTrader 4 (MT4) trading platform. It is designed to help traders identify trend changes in the market. The Color MA Indicator uses a combination of Moving Averages and colors to indicate the direction of the trend. When the short-term Moving Average (MA) is below the long-term MA, the Color MA Indicator will display a blue color. This indicates that the trend is bearish and that the price is likely to continue to decline. On the other hand, when the short-term MA is above the long-term MA, the Color MA Indicator will display a red color. This indicates that the trend is bullish and that the price is likely to continue to rise. The Color MA Indicator also includes a histogram that displays the difference between the two Moving Averages. When the histogram is above the zero line, it indicates that the short-term MA is above the long-term MA and that the trend is bullish. On the other hand, when the histogram is below the zero line, it indicates that the short-term MA is below the long-term MA and that the trend is bearish.
The Color MA Indicator is a useful and popular free Forex indicator for MT4. It uses a color-coded moving average line to help traders identify when a trend is reversing or continuing, allowing them to make better decisions when trading. The indicator plots a line with a color that changes depending on the direction of the trend. The Color MA Indicator is easy to use and customizable, allowing traders to adjust the settings to suit their trading style.
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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.