The RSI Divergence Indicator is a useful tool for forex traders using the popular MT4 platform. This free indicator helps traders identify potential trend reversals by analyzing the divergence between the price action and the RSI indicator.When the price makes a new high or low but the RSI fails to confirm the move, it signals a potential reversal in the trend. Traders can use this information to enter or exit trades with more confidence. To use the RSI Divergence Indicator, simply add it to your MT4 chart and look for divergence patterns between the price and RSI. When a divergence is spotted, traders can take action based on their trading strategy. This indicator can be a valuable tool for both beginner and experienced traders looking to improve their forex trading results.
MT4
RSI Divergency
RSI Divergence Indicator is a popular and useful forex indicator for MT4 that is available for free. This indicator helps traders identify potential trend reversals by analyzing divergence between the price movement and the Relative Strength Index (RSI). By using this indicator, traders can make more informed decisions about when to enter or exit trades based on divergence signals.
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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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