The Bollinger Bands Indicator MT5 is a widely-used and popular forex indicator that is useful for traders of all levels. This indicator is available for free and can be easily downloaded and installed on the MetaTrader 5 platform. The Bollinger Bands indicator consists of a moving average and two standard deviations plotted above and below the moving average. Traders use this indicator to identify potential overbought or oversold conditions in the market. When the price touches the upper band, it may indicate that the market is overbought, while touching the lower band may suggest that the market is oversold. Traders can also use the Bollinger Bands indicator to identify potential breakouts and trend reversals. By understanding how the indicator works and applying it to their trading strategy, traders can make more informed decisions and potentially improve their trading results.
MT5
Bollinger Bands
Bollinger Bands Indicator for MT5 is a popular and useful tool in the forex market. This free indicator helps traders analyze volatility and identify potential trends. By plotting two standard deviation lines around a moving average, it shows the upper and lower boundaries of price movements. Traders can use this information to make informed decisions on entry and exit points.
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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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