The Nelly Elliott Wave Indicator is a popular and free Forex indicator for the MetaTrader 4 (MT4) trading platform. It is a useful tool for traders who want to identify and predict market trends in the Forex market. The indicator is based on the Elliott Wave Principle, which states that market movements are cyclical and predictable. The Nelly Elliott Wave Indicator uses Fibonacci retracements to identify and count the waves, allowing traders to make informed decisions on when to enter and exit positions. The indicator also shows the direction of the trend and the strength of the trend. The Nelly Elliott Wave Indicator can be used to identify both short-term and long-term trends in the Forex market. It can also be used to identify potential entry and exit points for trades. The indicator is easy to use and can be used by both experienced and novice traders. It is also available for free, making it a popular and cost-effective tool for traders. The indicator is easy to use and can be used by both experienced and novice traders. It is also available for free, making it a popular and cost-effective tool for traders.
MT4
Nelly Elliott Wave
The Nelly Elliott Wave Indicator is a popular and free Forex indicator for the MT4 trading platform. This indicator helps traders to recognize the pattern of the Elliott Wave cycle and to identify the start and end of each wave. It also helps traders to determine the direction of the trend and to identify potential entry and exit points. The indicator is easy to use and provides a visual representation of the Elliott Wave cycle, making it a useful tool for Forex traders. With this indicator, traders can easily identify the start and end of each wave, helping them to make informed trading decisions.
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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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