The Divergence Tracker indicator is a popular and useful tool for forex traders using the MetaTrader 4 platform. This free indicator helps traders identify divergence patterns between the price action of a currency pair and an oscillator, such as the RSI or MACD. Divergence is a powerful signal of potential trend reversals, and this indicator makes it easy to spot these signals on your charts. To use the Divergence Tracker, simply add it to your MT4 chart and customize the settings to your preferences. The indicator will then automatically detect divergence patterns and plot them on your chart, making it easy to see when a potential trend reversal is imminent. Traders can use this information to make informed trading decisions and capitalize on market movements. Overall, the Divergence Tracker is a valuable tool for forex traders looking to improve their trading strategy.
MT4
Divergence Tracker
Divergence Tracker Indicator is a useful forex indicator for MT4 that detects divergence patterns on chart. This popular and free indicator can help traders identify potential trend reversal or continuation points. By monitoring divergence between price and an oscillator, traders can make informed decisions on entry and exit points. Simply add the indicator to your chart and interpret the signals it provides.
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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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