The OBV Divergence Indicator is a useful and popular free tool for Forex traders. This indicator is available for MT4, the most popular Forex trading platform. The OBV Divergence Indicator is designed to help traders identify potential price reversals and trend changes by measuring the divergence between the On Balance Volume (OBV) and the price action of a currency pair. The OBV Divergence Indicator works by calculating the difference between the OBV and the price action of a currency pair. When the OBV is moving in the same direction as the price action, it is considered to be converging. On the other hand, when the OBV is moving in the opposite direction of the price action, it is considered to be diverging. This divergence can be used to identify potential price reversals and trend changes. With the help of this indicator, traders can make better trading decisions and increase their chances of success in the Forex market.
MT4
Obv Divergence
The OBV Divergence Indicator is a useful and popular free Forex indicator for MT4. It is designed to help traders identify potential reversals in the market by measuring the divergence between the OBV (On Balance Volume) and price. The indicator compares the current closing price to the previous closing price and calculates the OBV value. If the OBV value is higher than the price, it indicates a bullish divergence and vice versa. The indicator is a great tool for traders looking to take advantage of market reversals and capitalize on potential profits.
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Categories: Signal, Stochastic
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Description
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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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