The Limited Donchian Channel Indicator is a useful tool for Forex traders that helps them identify potential entry and exit points in the market. This popular free indicator is available for the MT4 platform and can be used to identify potential support and resistance levels. The indicator is based on the Donchian Channel, which was developed by Richard Donchian in the 1930s. The indicator plots two lines on the chart, one representing the highest high and the other representing the lowest low for a given period of time. The lines are then used to identify potential entry and exit points in the market. The Limited Donchian Channel Indicator is easy to use and can be applied to any chart. Once the indicator is applied to a chart, the two lines will be plotted and will be used to identify potential entry and exit points. The indicator can be used to identify potential support and resistance levels, as well as potential breakouts. Traders can use the indicator to identify potential trading opportunities and to help them make informed trading decisions. The Limited Donchian Channel Indicator is a popular and useful tool for Forex traders. It is easy to use and can be applied to any chart. The indicator helps traders identify potential entry and exit points in the market, as well as potential breakouts. The indicator is free and available for the MT4 platform, making it a great choice for Forex traders.
MT4
Limited Donchian Channel
This Limited Donchian Channel Indicator is a useful and popular Forex indicator for MT4. It works by plotting a channel between the highest and lowest prices over a specified period of time. It is a great tool for traders looking to take advantage of the Forex market.
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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.
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