The RSI Candles MTF Indicator is a useful and popular free Forex indicator for the MetaTrader 4 (MT4) trading platform. This indicator uses Relative Strength Index (RSI) to determine the trend of the market and displays the signals in the form of candlesticks. The indicator has two modes: the trend mode and the reversal mode. In the trend mode, the indicator will show a green candlestick if the trend is up and a red candlestick if the trend is down. In the reversal mode, the indicator will show a yellow candlestick if the trend is about to reverse and a blue candlestick if the trend is about to continue. The indicator is based on the RSI formula and uses two parameters: the period and the level. The period is the number of candles used to calculate the RSI, while the level is the RSI level above or below which the indicator will generate a signal. Traders can adjust these parameters to suit their trading style and risk tolerance. The indicator is free and easy to use, making it a popular choice among Forex traders.
RSI Candles MTF
The RSI Candles MTF Indicator is a useful and free Forex indicator for the MT4 platform. It is based on the Relative Strength Index (RSI) and displays the RSI values for different time frames in the form of candles. The RSI Candles MTF Indicator works by calculating the RSI values for different time frames and displaying them in the form of candles. The indicator can be used to identify overbought and oversold conditions in the market. The RSI Candles MTF Indicator is a useful and popular tool for Forex traders.
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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.