The Colored Stochastic Indicator is a popular and free Forex indicator that is available for the MetaTrader 4 (MT4) platform. It is useful for traders as it helps to identify overbought and oversold market conditions. The Colored Stochastic Indicator uses two lines, one fast and one slow, to plot a histogram that changes color depending on the market conditions. When the fast line crosses above the slow line, the histogram changes to green, which indicates an overbought market condition. When the fast line crosses below the slow line, the histogram changes to red, which indicates an oversold market condition. The Colored Stochastic Indicator is easy to use and can be applied to any chart. To use it, traders simply need to add the indicator to their chart and then adjust the settings to their desired preferences. Traders can adjust the period, the method of smoothing, and the number of bars used to calculate the indicator. Additionally, traders can adjust the colors of the histogram to better suit their trading style.
MT4
Colored Stochastic
The Colored Stochastic Indicator is a useful and popular Forex trading indicator that is available for free on the MT4 platform. This indicator is designed to help traders identify potential entry and exit points in the Forex market by combining the Stochastic Oscillator and Moving Average Convergence/Divergence (MACD) indicators. The Colored Stochastic Indicator is a great tool for traders looking to identify potential entry and exit points in the Forex market.
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Category: 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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