Connors RSI is a popular free Forex indicator that is useful in determining the strength of a trend. It was developed by Larry Connors and is a combination of the Relative Strength Index (RSI) and two other indicators. The Connors RSI is used to measure the momentum and trend strength of a currency pair. The Connors RSI indicator is available for the MetaTrader 4 (MT4) platform and is used to identify oversold and overbought conditions. It is a simple indicator that does not require any complex calculations. It is based on three components, which are the RSI, the rate of change (ROC), and the up/down length (U/D Length). The Connors RSI indicator is an oscillator that measures the relative strength of a currency pair by comparing its recent gains and losses. It is a momentum indicator that uses a volatility-based RSI, which is more sensitive to price movements, to identify overbought and oversold conditions. Overall, the Connors RSI indicator is a popular and useful Forex indicator that is free to use on the MT4 platform. It is a simple indicator that can be used to identify overbought and oversold conditions, spot divergences, and identify trend continuation signals.
Connors RSI is a popular and useful Forex indicator for MT4. It works by measuring the Relative Strength Index (RSI) of a currency pair over a short-term period. The indicator then compares this to the RSI of a longer-term period to determine whether the currency pair is overbought or oversold. Connors RSI can be used to identify potential trading opportunities in the Forex market, as well as to identify potential entry and exit points. This indicator is especially useful for traders who are looking to take advantage of short-term price movements.
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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.