The Turtle Channel Indicator is a popular and useful Forex trading indicator available for free on the MT4 platform. It is based on the Turtle Trading system, which was developed by Richard Dennis and Bill Eckhart in the 1980s. The Turtle Channel Indicator helps traders identify trend direction and potential entry and exit points in the Forex market. The Turtle Channel Indicator works by plotting two lines, one above and one below the price action. The upper line is the resistance line and the lower line is the support line. These lines are based on the 20-day high and low of the currency pair being traded. If the price is trending above the resistance line, it indicates an uptrend. Conversely, if the price is trending below the support line, it indicates a downtrend. Overall, the Turtle Channel Indicator is a popular and useful Forex trading indicator. It is available for free on the MT4 platform and can help traders identify trend direction and potential entry and exit points. By using this indicator, traders can improve their trading performance and increase their chances of success in the Forex market.
MT4
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Turtle Channel
The Turtle Channel Indicator is a popular and free Forex indicator for MT4 trading platforms. The indicator works by plotting two lines – one for the upper range and one for the lower range – and tracking the price action between them. The indicator is free to download and install, making it a popular choice among Forex traders.
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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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