The Trend Envelope indicator is a useful tool for Forex traders that can be used to identify trend reversals. It is a free indicator for the MT4 platform and is popular among traders due to its simplicity. The indicator is based on the idea that the price action of a currency pair will follow a certain pattern, and when it deviates from the pattern, it is a sign that the trend is reversing. The Trend Envelope indicator works by plotting two lines, one above and one below the price action. These lines act as an envelope, with the upper line representing the upper boundary of the trend and the lower line representing the lower boundary. When the price action breaks out of the envelope, it is a sign that the trend is reversing. It can help traders identify potential trend reversals and can be used to identify potential entry and exit points. It can also be used to identify potential support and resistance levels, as well as overbought and oversold conditions.
MT4
Trend Envelope
The Trend Envelope indicator for MT4 is a useful and popular free Forex indicator. It plots two lines on the chart, one above and one below the price. The lines are calculated using two different moving averages and a user-defined percentage. It can be used to identify both short-term and long-term trends and is a great tool for finding potential entry and exit points.
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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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