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Chaikin Money Flow

The Chaikin Money Flow indicator for MT4 detects buying and selling pressure in the market. Overall, it is a helpful tool for traders looking to gain an edge in the forex market.

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Description

The Chaikin Money Flow indicator for MT4 is a momentum-based indicator that measures the buying and selling pressures of financial instruments over a period. It tracks the volume of the money flowing into and out of instruments over time.

So, the indicator shows when an instrument is in the accumulation or distribution phase, which helps traders determine when the price is trending to the upside or downside. Besides, the indicator can help traders quickly identify potential trend reversal zones when an instrument shifts from the accumulation phase (buying) to the distribution phase (selling) or vice versa.

Features of the Chaikin Money Flow Indicator for MT4

The indicator displays the buying and selling pressures of a financial instrument on a separate window below the chart. It represents the value of the buying and selling pressure in the market using a red line that moves between positive (above zero) and negative (below zero) zones.

So, the market is bullish if the indicator’s line crosses above the zero line and moves continually upward. Conversely, a bearish trend is when it crosses below the zero line and moves downward.

Benefits of Using the Indicator

  • Trend Identification: The indicator makes it easy for traders to accurately determine the trend direction of the market and identify possible reversal zones at a glance. Thus, the indicator is recommended for beginners and experienced Forex traders.
  • Confirmation Tool: The indicator can be used as a supporting tool with price action/other technical indicators to confirm the market direction and potential reversal zones, thereby improving trading decisions. Besides, it can also be a valuable tool to validate trend breakouts in the market. For instance, traders might look for buying opportunities if the price breaks out of a resistance zone when the indicator’s value rises continually.

Indicator Settings Description

The indicator comes with the following customizable settings:

Periods: Determines the indicator’s period for trend analysis.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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