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Overlay Chart

The Overlay Chart indicator for MT4 over multiple charts on a single window. This makes it easy to spot correlations and trends in the market. Try Now!

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Description

The Overlay Chart indicator for MT4 is a Forex trading tool that displays multiple charts on a single window. It was designed to help traders identify the price correlation between different financial trading instruments with less hassle.

Price correlations are often used in the financial markets for technical analysis and in identifying trading opportunities. Therefore, the indicator makes it easier for traders to identify financial instruments that correlate and find potential trading opportunities.

This technical indicator will be invaluable to Forex traders whose strategies are based on price correlations. Besides, it can also be used generally by traders to identify price correlations and potential trading opportunities.

Features of the Overlay Chart Indicator for MT4

The indicator displays the overlay of multiple currency pairs using a candlesticks chart on a single window. Also, it synchronizes the timeframes of the overlaid chart to ensure the accuracy of the price data displayed.

Moreover, USDJPY is the default overlay currency pair of the indicator; however, it also works on other pairs. This customization feature enables Forex traders to compare any currency pair of interest for possible correlation and trading opportunities without hassle.

Benefits of Using the Indicator

  • Enhances Trading Analysis: The indicator overlays multiple charts on one window, making it easy for traders to spot price correlations and make objective technical analyses, enhancing better decisions.
  • Reduces Stress: The indicator resolves the problem of switching between multiple chart windows, which can be stressful, especially for traders who rely on price correlation.

Indicator Settings Description

The indicator comes with the following customizable settings:

SubSymbol: Determines the currency pair to be overlaid on the chart.

BullBarColor: Determines the color for bullish candlesticks.

BearBarColor: Determines the color of bearish candlesticks.

GridColor: Determines the color to display grid lines.

Mirroring: Enables/Disables mirroring of trades.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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