The Overlay Chart Indicator is a popular and free MT4 indicator that is useful for forex traders. It is a multi-time frame indicator that can be used to help identify trends and potential entry and exit points. The indicator is displayed as a chart overlay on the main chart, which allows you to compare different time frames and identify trends. It can be used to measure the strength of a trend, spot divergences, and identify potential support and resistance levels. The indicator works by taking the closing prices of a selected time frame and plotting them on a chart. It then overlays the chart with the closing prices of other time frames, allowing you to compare them and identify potential trends. The indicator also plots a line of support and resistance levels, which can help identify potential entry and exit points. The indicator is easy to use and can be customized to suit your trading style. It is also free to download and install, making it a popular choice among forex traders. The indicator is a great tool to help identify trends and potential entry and exit points. It is also a useful tool for identifying potential support and resistance levels.
The Overlay Chart Indicator is a useful and popular free Forex trading indicator for MT4. This indicator allows traders to quickly and easily overlay multiple charts onto a single chart, allowing them to compare data from different currency pairs. This makes it easy to spot correlations and trends in the 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.