The Color RSI Indicator is a useful forex indicator designed for the popular MT4 trading platform. This free indicator helps traders identify potential price reversals and determine overbought or oversold conditions in the market. With its unique color-coded display, it offers a visual representation of the Relative Strength Index (RSI) readings, making it easier to interpret signals. The Color RSI Indicator works by measuring the speed and change of price movements to identify potential trend reversals. By using the RSI, it calculates the strength of the current market conditions and generates different colors based on the RSI levels. Traders can set their preferred RSI thresholds to define the overbought and oversold levels and adjust the color scheme accordingly. Using the Color RSI Indicator is simple and straightforward. Traders can apply it to any forex chart and customize the colors and RSI levels according to their preferences. When used correctly, this indicator can assist traders in making informed trading decisions by highlighting potential entry or exit points. It serves as a valuable tool for both experienced and novice traders, enhancing their trading strategies and overall performance in the forex market.
MT4
Color RSI
The Color RSI Indicator for MT4 is a popular and useful free forex indicator. It works by applying a color-coded display to the Relative Strength Index (RSI) indicator on the MetaTrader 4 (MT4) platform. This indicator enables traders to easily identify overbought and oversold levels, and determine potential trend reversals. Its user-friendly nature makes it easy to apply and understand, making it a valuable tool for forex traders seeking accurate technical analysis.
| Indicator Type | |
|---|---|
| Trading Style | , |
| Timeframe | , |
| Platform |
0
People watching this product now!
Downloads - 19
Description
Reviews (0)
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.
Related products
MACD Divergence
The MACD Divergence Indicator is a powerful tool that helps traders identify trend reversal points in the market. It is a popular and free indicator that is compatible with the MT4 platform. This new indicator plots divergences between the MACD indicator and the price on your chart, making it easy to spot potential trend reversals. It works by measuring the difference between two moving averages, and traders can use it to identify bullish or bearish divergences. With its ability to identify trend reversal points, this indicator is useful for both beginner and advanced traders.
Synthetic VIX
The Synthetic VIX Indicator is a popular and free Forex indicator for the MT4 trading platform. The indicator utilizes a combination of price action and signals from multiple time frames to accurately predict market movements. The Synthetic VIX indicator can be used to identify potential entry and exit points in the market, as well as to identify trend reversals and breakouts. It is designed to provide traders with an easy to use and reliable indicator that can help them make informed trading decisions. With its accurate and reliable signals, the Synthetic VIX Indicator is a great tool for any trader looking to improve their trading performance.
CCI Divergence
The CCI Divergence Indicator for MT4 is a useful and popular free Forex indicator. It is used to identify potential reversals in the market by looking for divergences between price and the Commodity Channel Index (CCI). The indicator uses the CCI to determine when the market is overbought or oversold and when the trend is likely to reverse. It will then plot a divergence line on the chart to indicate potential reversal points. The CCI Divergence Indicator for MT4 is a great tool for traders of all levels and can be used to help traders make more informed decisions.
AO Divergence
The AO Divergence Indicator is a useful BE4 tool for forex traders who want to identify divergence patterns in the market. This new MT4 indicator is popular with traders due to its effectiveness in spotting divergence patterns and predicting potential price reversals. It works by analyzing the Awesome Oscillator (AO) and highlighting divergence patterns that may indicate possible trend changes. The AO Divergence Indicator is easy to use and can be a valuable addition to any trader's toolbox.
Momentum Reversal Detector
The Momentum Reversal Detector Indicator is a useful and popular free Forex indicator for MT4. It is designed to help traders identify potential reversals in market momentum. The indicator uses a combination of moving averages, oscillators, and price action to generate signals when a reversal is likely. The Momentum Reversal Detector Indicator is a great tool for any Forex trader looking to capitalize on short-term reversals.
3 Color MACD
The 3 Color MACD Indicator is a useful forex trading tool that is available for free on MT4. This popular indicator uses Moving Average Convergence Divergence (MACD) to help traders identify market trends and potential entry/exit points. The indicator is easy to use and can be applied to any currency pair or timeframe. It is ideal for both novice and experienced traders who want to enhance their trading strategy with a reliable technical indicator.
Reviews
There are no reviews yet.