The SWAMI RSI Color Indicator is a useful forex indicator that is popular among MT4 traders. It is widely used for its accuracy in identifying overbought and oversold conditions in the market. The indicator works by analyzing the Relative Strength Index (RSI) and displaying its readings in a color-coded format, making it easy for traders to interpret the signals. When the RSI is above a certain threshold, the indicator will show a specific color indicating overbought conditions, while a different color will be displayed for oversold conditions. Traders can use these signals to make informed decisions about when to enter or exit trades. Best of all, the SWAMI RSI Color Indicator is free to download and use, making it a valuable tool for traders looking to improve their forex trading strategies.
MT4
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Swami RSI Color
Swami RSI Color Indicator is a useful forex indicator for MT4 that is popular among traders for its effectiveness. This free indicator displays RSI values as color-coded bars on the chart, making it easy to identify overbought and oversold conditions. Traders can use this indicator to make informed trading decisions based on RSI signals.
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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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