The Better Overbought Oversold Indicator is a useful and popular free Forex indicator for the MT4 platform. It is designed to help traders identify when a currency pair is overbought or oversold, allowing them to make informed trading decisions. The indicator works by analyzing the price movements of a certain currency pair over a period of time. It then calculates the average price of the pair and compares it to the current price. If the current price is lower than the average price, it is considered oversold and a signal is given. Conversely, if the current price is higher than the average price, it is considered overbought and a signal is given. The Better Overbought Oversold Indicator is a popular and useful free Forex indicator for the MT4 platform.
MT4
Better Overbought Oversold
The Better Overbought Oversold Indicator is a useful and popular free Forex indicator for MT4 that helps traders identify potential entry and exit points in the market. It works by plotting the current price against the overbought and oversold levels. When the price is above the overbought level, it indicates that the market is in an overbought state, and when the price is below the oversold level, it indicates that the market is in an oversold state. This indicator is easy to use and can be used to identify potential entry and exit points in the market.
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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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