The Magic Wave Indicator is a useful and popular free Forex indicator for the MT4 platform. It is designed to provide traders with insight into the strength of the market and to help them identify potential entry and exit points. The indicator is based on the concept of the Elliott Wave Theory, which was developed by Ralph Nelson Elliott in the 1930s. The theory states that the price of a security moves in waves, and these waves can be used to predict the future direction of the price. The Magic Wave Indicator uses a combination of moving averages, Fibonacci levels, and Elliott Wave Theory to provide traders with a comprehensive view of the market. It plots a colored wave on the chart, which indicates the strength of the trend and the potential entry and exit points. The wave is color-coded according to the strength of the trend. Red indicates a strong bearish trend, while green indicates a strong bullish trend. The indicator also provides traders with support and resistance levels, which can be used to identify potential entry and exit points.
The Magic Wave Indicator is a popular and free Forex indicator for MT4 that is useful for traders of all levels. The indicator uses a combination of moving averages to produce buy and sell signals. The indicator can be used to identify entry and exit points, as well as potential support and resistance levels. The Magic Wave Indicator is a great tool for traders who want to maximize their trading potential and improve their trading accuracy.
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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.