The Doda Donchian Indicator is a useful and popular free Forex indicator for MT4. It is a trend following indicator that is used to identify trend reversals and breakouts. The indicator is based on the Donchian Channel, which was developed by Richard Donchian in the 1950s. The indicator displays a channel composed of the highest high and lowest low of the last n periods. The indicator also shows the direction of the current trend, which is marked by the color of the channel. The Doda Donchian Indicator is easy to use and understand. It is a great tool for traders who want to identify important support and resistance levels. It can also be used to identify trend reversals and breakouts. When the price breaks above or below the channel, it indicates a potential trend reversal. The indicator can also be used to identify potential entry and exit points for trades. The indicator is also popular because it is free and easy to install on MT4. It is also highly customizable, allowing traders to adjust the parameters according to their own trading strategies. The indicator is also highly reliable, providing accurate signals that can be used to identify potential trading opportunities. Overall, the Doda Donchian Indicator is a useful and popular free Forex indicator for MT4.
The Doda Donchian Forex indicator is a popular and free MetaTrader 4 (MT4) indicator that can be used to identify possible breakouts in the Forex market. The Doda Donchian indicator works by plotting the highest and lowest prices for a given period of time, and then plotting a line that connects those two points. It is a free indicator that can be downloaded from the MT4 platform, making it a popular choice among Forex traders.
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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.