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Sideways Detector

The Sideways Detector indicator for MT4 displays periods of sideways movement of the price. It is a useful tool for traders of all levels who want to improve their trading performance by staying ahead of market trends. Download for free! Try now.

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Description

The Sideways Detector indicator for MT4 is a technical indicator that detects and highlights sideways (ranging) market conditions. It’s an incredible trading tool for identifying periods when the market is not trending. Besides, the indicator can also help traders identify short-term breakout trading opportunities in range-bound markets.

Features of the Sideways Detector Indicator for MT4

The indicator is built with algorithms that analyze the price movement of financial instruments in the Forex market to determine periods of consolidation. It then plots a rectangle at zones where the market goes into sideways movement. This helps traders to identify consolidation phases and make informed trading decisions.

Benefits of Using the Indicator

  • Enhances Decision-Making: The indicator helps traders avoid making trading decisions during periods of sideways movement, leading to better decision-making.
  • Risk Management: The indicator enables traders to practice better risk management by staying out of a sideways market. Besides, the indicator also helps traders to avoid trading during low volatility periods.
  • Breakout Trading Opportunities: Scalpers and day traders can look for short-term trading opportunities when the price breaks out of the sideways highlighted zone. For instance, in a trending market condition, say uptrend, Forex traders can consider buying an instrument after the price retraces, goes into consolidation, and breaks out of the indicator’s rectangle.

Indicator Settings Description

The indicator comes with the following customizable settings:

Average_Weight: Determines the indicator’s sensitivity to price movement.

Min_Zone_Width: Defines the minimum range width to identify sideways markets.

Tolerance: Sets the price deviation within the range to determine a valid sideways market.

Rectangle_Color: Determines the color to display sideways market conditions.

Show_N_Last_Zones: Enables/Disables the indicator to show recently highlighted zones.

Num_Bars: Defines the maximum number of candlesticks to display a sideways 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:

  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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