The overbought/oversold indicator for MT5 is a useful tool for forex traders looking to identify potential reversal points in the market. This popular indicator is available for free and can be easily downloaded and installed on your MetaTrader 5 platform. The indicator works by measuring the market’s momentum and determining whether the price of a currency pair is overbought (potentially indicating a reversal to the downside) or oversold (potentially indicating a reversal to the upside). When the indicator reaches extreme levels, traders can use this information to make informed trading decisions. To use the overbought/oversold indicator, simply add it to your chart and look for signals where the indicator crosses above or below certain threshold levels. It is important to use this indicator in conjunction with other technical analysis tools to confirm potential trading opportunities. Overall, the overbought/oversold indicator can be a valuable asset for forex traders looking to maximize their profits.
MT5
Overbought Oversold indicator
Overbought Oversold Indicator MT5 is a useful forex indicator that is popular among traders for identifying potential market reversal points. It is available for free on the MT5 platform. This indicator works by measuring the current market conditions and identifying when a currency pair is overbought or oversold. Traders can use this information to make more informed trading decisions.
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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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