The Channel Parabolic SAR indicator is a popular and useful tool for forex traders using the MT4 platform. This indicator combines the parabolic SAR and a channel indicator to help traders identify potential entry and exit points in the market. The parabolic SAR is a trend-following indicator that helps traders determine the direction of the market, while the channel indicator helps traders identify key support and resistance levels. By combining these two indicators, traders can get a clearer picture of market trends and make more informed trading decisions. To use the Channel Parabolic SAR indicator, traders simply need to plot the indicator on their charts and look for signals where the parabolic SAR crosses the channel lines. When the SAR crosses above the upper channel line, it can be a signal to sell, while a cross below the lower channel line can be a signal to buy. Best of all, this indicator is free to use on the MT4 platform.
MT4
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Channel Parabolic SAR
Channel Parabolic SAR is a popular forex indicator available for free on MT4. It combines the Parabolic SAR and a trend channel to provide useful signals for traders. The indicator can help identify potential trend reversals and entry/exit points. To use it, simply watch for the Parabolic SAR dots to switch sides within the channel.
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Category: Support & Resistance
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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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