The Keltner Channel is a popular and free Forex indicator used by traders in the MT4 platform. It is a useful indicator that helps traders identify trends and potential entry and exit points in the market. The Keltner Channel indicator is based on the Average True Range (ATR) indicator, which measures the volatility of the market. The Keltner Channel uses this volatility to create three bands – an upper band, a middle band, and a lower band. The upper and lower bands are typically set two ATR values above and below the middle band. The Keltner Channel indicator is used to identify trends in the market. When the price is trading above the upper band, this indicates an uptrend in the market. Similarly, when the price is trading below the lower band, this indicates a downtrend in the market.
The Keltner Channel Indicator is a popular and useful Forex indicator that can be used to identify potential price breakouts. It is free to use on the MT4 trading platform and is designed to help traders identify overbought and oversold market conditions. The Keltner Channel Indicator works by plotting two bands around a moving average. The Keltner Channel Indicator is a great tool for traders to use to identify potential price breakouts and make informed trading decisions.
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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.