The Bounce Strength Index (BSI) is a popular and free Forex indicator for the MT4 trading platform. It is a useful tool for traders who want to identify potential entry and exit points in the market. The BSI indicator is based on the Average True Range (ATR) and measures the strength of the price movements. It is calculated by taking the difference between the highest and lowest price of the current candle and dividing it by the ATR value. The resulting values are then plotted on a chart, allowing traders to easily identify when a trend is strong and when it is weak. The BSI indicator is a great way to determine the strength of a trend. When the BSI is in the overbought zone, it indicates that the trend is strong and that it is likely to continue. Conversely, when the BSI is in the oversold zone, it indicates that the trend is weak and that it is likely to reverse. By using the BSI indicator, traders can make more informed decisions about when to enter and exit trades.
MT4
Bounce Strength Index
The Bounce Strength Index is a useful free Forex indicator for MT4 platforms. It is a simple yet powerful tool to help traders identify strong trends and make profitable trading decisions. By using the Bounce Strength Index, traders can easily identify strong trends and make more accurate 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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