The Bollinger Bands Color Indicator MT5 is a useful and popular free Forex indicator. It is designed to help traders make more informed trading decisions by providing a visual representation of price volatility. The indicator consists of three bands, an upper band, a lower band, and a middle band. The upper and lower bands are calculated based on the standard deviation of the price, while the middle band is the simple moving average. The indicator will then color the bands depending on the direction of the price. When the price is trending up, the upper band will be colored blue and the lower band will be colored red. When the price is trending down, the upper band will be colored red and the lower band will be colored blue. This allows traders to quickly identify the trend and make more informed trading decisions. With its simple visual representation of price volatility, the Bollinger Bands Color Indicator MT5 is a great tool for any Forex trader.
MT5
Bollinger Bands Color
The Bollinger Bands Color Indicator MT5 is a popular and free Forex trading indicator that is used to identify trends and potential entry and exit points for trades. This indicator is especially useful for traders who are looking to identify market conditions that may be overbought or oversold. By using this indicator, traders can quickly identify when the market is overbought or oversold and take appropriate action.
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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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