The Relative Strength Index (RSI) is a popular and useful Forex indicator for MT4. It is used to measure the strength of a currency pair by comparing its gains and losses over a set period of time. The RSI is calculated by taking the average of the gains and losses over a given period and then dividing the result by the total number of periods. The result is then expressed as a percentage. The RSI indicator is a great tool for traders to identify overbought and oversold levels in the market. It is also useful for spotting divergences between price and the RSI indicator. When the RSI is in overbought territory, it means that the currency pair has been rising for too long and is likely to experience a pullback. Similarly, when the RSI is in oversold territory, it means that the currency pair has been falling for too long and is likely to experience a bounce. By using the RSI indicator, traders can identify entry and exit points, as well as set stop-loss and take-profit levels.
MT4
Relative Strength Index
The Relative Strength Index (RSI) is a popular and useful Forex indicator for MT4 traders. The RSI is a momentum oscillator that ranges between 0 and 100, with high values indicating that a currency pair is overbought and low values indicating that it is oversold. The RSI is a powerful and reliable indicator that is a must-have for any serious Forex trader.
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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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