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Color Osma

The Color OSMA indicator for MT4 is the best Forex indicator that shows the market trend direction and reversal zones. The indicator is a great tool for any trader looking to gain insight into their trading system.

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Description

The Color OSMA indicator for MT4 is an oscillator of moving average (OSMA) tool for identifying trend directions and reversal zones of financial instruments. It helps traders in spotting short-term trading opportunities in the market.

Features of the Color OSMA Indicator for MT4

The indicator is a component of the popular MACD indicator. It comes with a green and red histogram bar, a fast and slow EMA, a signal line, and a zero line. The indicator signals a bullish trend when a green histogram is displayed above the zero line, while a bearish trend is when a red bar is below the line.

Furthermore, the green and red histogram bars are signals for buy and sell entries. So, traders may look for a buying opportunity when the green bar is above and sell when the red bar is below the zero line.

Benefits of Using the Indicator

  • Trend Identification: The indicator can help traders identify the market trend direction of any financial instrument on the MT4 platform. This helps traders to analyze the market condition and make objective trading decisions easily.
  • Signal Confirmation: The indicator can also be used to confirm buy/sell entries besides helping traders identify trend direction. Forex traders can use the indicator with price action or other technical indicators to confirm an optimal buy or sell entry zone.
  • Divergence Detection: Finally, the indicator can also help traders identify bullish and bearish divergences in the market.

Indicator Settings Description

The indicator comes with the following customizable settings:

FastEMA: Determines the period for the fast EMA.

SlowEMA: Determines the period for the slow EMA.

SignalSMA: Determines the period for the indicator’s signal line.

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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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