The Stoch Rainbow Indicator is a useful and popular free Forex indicator for MT4 trading platforms. It is based on the Stochastic Oscillator and Rainbow MA indicators, and is designed to help traders identify potential entry and exit points in the Forex market. The Stoch Rainbow Indicator displays the Stochastic Oscillator as a histogram, with the Rainbow MA plotted as a line. The indicator is easy to use and can be used on any timeframe. The Stoch Rainbow Indicator works by measuring the momentum of price movements, and then plotting the results as a histogram. When the histogram is above the Rainbow MA line, it indicates that the market is in an uptrend. Conversely, when the histogram is below the Rainbow MA line, it indicates that the market is in a downtrend. The Stoch Rainbow Indicator can also be used to identify potential entry and exit points in the Forex market. The indicator is available for free on MT4 trading platforms, making it a popular choice among traders.
MT4
Stoch Rainbow
The Stoch Rainbow Indicator is a popular and free Forex indicator for MT4 which can be used by traders to identify potential buy and sell signals. This useful indicator is based on the Stochastic Oscillator and uses the rainbow to represent the overbought and oversold levels. It is a popular indicator and can be a great tool for traders looking to make the most of their Forex trading.
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Categories: Signal, Stochastic
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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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