The Smoothed RSI indicator for MT5 is a popular and useful tool for forex traders. This free indicator helps in identifying overbought and oversold conditions in the market by smoothing out the traditional RSI indicator. The Smoothed RSI works by applying a smoothing technique to the original RSI values, which helps in reducing noise and providing a clearer signal of market momentum. Traders can use this indicator to confirm trends, identify potential reversals, and generate buy or sell signals. To use the Smoothed RSI indicator, traders can simply add it to their MT5 chart and adjust the settings to their preference. When the indicator crosses above the overbought level, it may signal a potential sell opportunity, while a cross below the oversold level may indicate a buy opportunity. Overall, the Smoothed RSI indicator can be a valuable tool in a trader’s arsenal for making informed trading decisions in the forex market.
MT5
Smoothed RSI
Smoothed RSI Indicator MT5 is a useful forex indicator available for free on the popular MT5 platform. This indicator smoothens out the traditional RSI by applying a moving average, resulting in a more accurate representation of price momentum. Traders can use this indicator to identify overbought and oversold conditions in the market, making it a valuable tool for technical analysis.
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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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