The RSI Chart Bars Indicator is a useful tool for Forex traders who use MetaTrader 4 (MT4). This popular free indicator is designed to help traders identify when the Relative Strength Index (RSI) is overbought or oversold. The indicator plots a chart bar on the main chart window which changes colour depending on the RSI value. The colour of the bar will change from green to red when the RSI is overbought, and from red to green when the RSI is oversold. This allows traders to quickly and easily identify when the market is overbought or oversold. The RSI Chart Bars Indicator is easy to install and use. Once installed, traders can select the time frame and the RSI period they would like to use. The indicator will then plot the chart bar on the main chart window accordingly. Traders can also customize the indicator’s colors and line width to suit their preferences. This popular free indicator is a great choice for traders who use MT4 and are looking for an easy way to identify when the market is overbought or oversold.
MT4
Rsi Chart Bars
The RSI Chart Bars Indicator is a useful and popular Forex indicator for the MT4 platform. It is free to download and use, and provides a great way to identify potential trading opportunities. The indicator measures the Relative Strength Index (RSI) of the current price action and plots it as a color-coded chart bar on the chart. It is a great tool for both short-term and long-term traders, as it provides a simple way to identify when the market may be ready for a trend reversal.
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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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