The Direction Indicator is a popular and free Forex indicator that is available for use on the MT4 platform. This indicator is a useful tool for traders who want to identify potential trading opportunities in the Forex market. The Direction Indicator is designed to provide traders with a visual representation of the direction of the market, allowing them to make informed decisions when entering or exiting a trade. The Direction Indicator works by analyzing the price action of a currency pair and then displaying an arrow on the chart to indicate the direction of the trend. If the arrow is pointing up, it indicates that the currency pair is in an uptrend. Conversely, if the arrow is pointing down, it indicates that the currency pair is in a downtrend. The Direction Indicator also provides traders with an indication of the strength of the trend, with a longer arrow indicating a stronger trend. This indicator is easy to use and is available for free on the MT4 platform. As a result, it is a popular choice among Forex traders.
The Direction Indicator is a popular and free Forex indicator available on the MetaTrader 4 (MT4) platform. The Direction Indicator works by analyzing the price movements of a certain asset and plotting the trend direction on the chart. It can also be used to identify potential entry and exit points, allowing traders to make informed decisions when entering or exiting a position. It can be applied to any chart and provides alerts when the trend changes, making it a useful tool for traders who want to make informed decisions when entering or exiting a position.
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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.