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Supertrend

The SuperTrend Indicator MT5 is a popular and free Forex indicator that is useful for traders of all levels. This indicator is based on the ATR and the CCI and uses a combination of both to identify the direction of a trend. It works by plotting two lines on the chart, one representing the current trend and the other representing the potential trend reversal. When the indicator is used in conjunction with other technical indicators, it can provide traders with valuable insight into when to enter and exit the market.

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Description

In the dynamic world of forex trading, the ability to identify and capitalize on emerging market trends can be a game-changer for traders. The SuperTrend Indicator, a free and highly versatile tool available on the MetaTrader 5 (MT5) platform, offers traders a comprehensive solution to this challenge, providing clear and actionable signals to guide their trading decisions.

Features of the Indicator

The SuperTrend Indicator is designed to analyze the price action of the forex market, using a combination of two moving averages to determine the direction and strength of the prevailing trend. This indicator plots a green and yellow line on the chart, with the green line positioned above the price action indicating an uptrend, and the yellow line positioned below the price action indicating a downtrend.

The indicator also features customizable settings, allowing traders to adjust the period and sensitivity of the moving averages to suit their individual trading styles and preferences.

How the Indicator Can Benefit You

Incorporating the SuperTrend Indicator into your trading strategy can provide you with a significant edge in the forex market. By offering clear and reliable signals for identifying emerging trends, this indicator empowers you to make more informed buy, sell, and trade management decisions.

Whether you’re a day trader, scalper, or swing trader, the SuperTrend Indicator can be a valuable tool in your arsenal, helping you navigate the ever-changing forex landscape and achieve your trading goals.

Indicator Settings

Period: This value denotes the length of the indicator’s period, determining the depth of price data analysis. The frequency of Supertrend signals directly correlates with this indicator period.

Multiplier: Adjusts the distance between the price and the Supertrend line.

Show as DRAW_FILLING: Switches between displaying areas and the signal line.

Conclusion

The SuperTrend Indicator is a free and powerful tool that can be a game-changer for forex traders of all skill levels. By providing clear and actionable signals for identifying and capitalizing on emerging market trends, this indicator empowers you to make more informed trading decisions and enhance your chances of success in the dynamic forex market. Download the SuperTrend Indicator today and take your trading to new heights.

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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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