The SHI Channel True Indicator for MT5 is a popular and useful forex indicator that helps traders identify trend direction and potential reversal points in the market. This free indicator utilizes a unique algorithm to plot dynamic support and resistance levels, creating a channel that traders can use to make informed trading decisions. The SHI Channel True Indicator is easy to use and can be applied to any currency pair and timeframe. Traders can use this indicator to identify breakout opportunities, confirm trend direction, and set stop-loss and take-profit levels. By utilizing the SHI Channel True Indicator, traders can improve their trading accuracy and increase their profits in the forex market. Overall, the SHI Channel True Indicator for MT5 is a valuable tool for forex traders looking to enhance their trading strategies and make better-informed decisions in the market.
MT5
Shi Channel True
The SHI Channel True Indicator MT5 is a popular and useful forex indicator available for free. It is designed to show dynamic support and resistance levels on the chart, helping traders identify potential entry and exit points. Traders can use it to determine market trends and make informed trading decisions. The indicator works by calculating the highest high and lowest low prices over a specified period.
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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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