Swami RSI is a useful and popular free Forex indicator for the MT4 trading platform. Developed by the trading expert Swami, this indicator is designed to measure the relative strength of a currency pair. It is based on the Relative Strength Index, which is a momentum oscillator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the market. The Swami RSI indicator is easy to use and provides traders with a powerful tool to help them make better trading decisions. It is composed of a single line that oscillates between 0 and 100. When the line is above 70, it indicates that the currency pair is overbought, and when it is below 30, it indicates that the currency pair is oversold. This information can help traders identify good entry and exit points. It is easy to use and provides traders with an accurate way to measure the relative strength of a currency pair.
MT4
Swami RSI
The Swami RSI is a popular and free Forex indicator for the MT4 trading platform. The indicator displays a line which oscillates between 0 and 100 and gives traders an idea of whether the current trend is strong or weak. The indicator is easy to install and use and is a useful tool for traders looking to take advantage of the Forex market.
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Categories: Signal, Stochastic
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Description
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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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