The Candle Strength Indicator is a popular and free forex indicator designed for use on the MetaTrader 4 platform. This indicator is useful for traders looking to identify the strength of a candle in relation to the current market conditions. The Candle Strength Indicator works by measuring the range of a candle relative to previous candles, giving traders insight into whether the current candle is strong or weak. Traders can use this information to make more informed trading decisions and better predict future price movements. To use the Candle Strength Indicator, simply install it on your MT4 platform and it will automatically calculate and display candle strength levels in real time. By utilizing this indicator, traders can gain a better understanding of market dynamics and improve their overall trading performance.
MT4
Candle Strength
Candle Strength Indicator is a useful forex indicator for the MT4 platform. It is popular among traders for its effectiveness in measuring the strength of market trends through candlestick patterns. This free indicator analyzes candle formations and provides insights into potential market movements. Traders can use it to make informed decisions based on the strength of price movements indicated by the candles.
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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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