The Mass Index Indicator is a popular and free Forex indicator that is useful for traders on the MT4 platform. It is used to identify major reversals in the market and is based on the high-low range of the price. The Mass Index Indicator works by measuring the difference between two exponential moving averages. When the difference between the two averages is large, it is an indication that the market is in a trend, and when the difference is small, it signals that the market is in a range. The Mass Index Indicator is calculated by taking the ratio of the difference between the two exponential moving averages and then multiplying it by the range of the price. This ratio is then compared to a threshold value to determine whether the market is in a trend or in a range. When the ratio is above the threshold value, it indicates that the market is in a trend, and when it is below the threshold value, it indicates that the market is in a range. The Mass Index Indicator is also useful because it is available for free on the MT4 platform, making it accessible to all traders regardless of their trading experience.
The Mass Index indicator is a useful and popular free Forex indicator for MT4. The Mass Index indicator is based on the idea that when prices are trending, the range between the high and low prices will expand. The Mass Index measures the ratio of the expanding range to the average range over a specified period of time. It then plots a line that oscillates between 0 and 100. If the Mass Index line crosses above 26, it signals the start of a potential reversal. By analyzing the Mass Index, traders can better predict when a trend is likely to reverse, and take advantage of the opportunities that arise.
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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.