The Color RSI Indicator is a useful forex indicator designed for the popular MT4 trading platform. This free indicator helps traders identify potential price reversals and determine overbought or oversold conditions in the market. With its unique color-coded display, it offers a visual representation of the Relative Strength Index (RSI) readings, making it easier to interpret signals. The Color RSI Indicator works by measuring the speed and change of price movements to identify potential trend reversals. By using the RSI, it calculates the strength of the current market conditions and generates different colors based on the RSI levels. Traders can set their preferred RSI thresholds to define the overbought and oversold levels and adjust the color scheme accordingly. Using the Color RSI Indicator is simple and straightforward. Traders can apply it to any forex chart and customize the colors and RSI levels according to their preferences. When used correctly, this indicator can assist traders in making informed trading decisions by highlighting potential entry or exit points. It serves as a valuable tool for both experienced and novice traders, enhancing their trading strategies and overall performance in the forex market.
MT4
Color RSI
The Color RSI Indicator for MT4 is a popular and useful free forex indicator. It works by applying a color-coded display to the Relative Strength Index (RSI) indicator on the MetaTrader 4 (MT4) platform. This indicator enables traders to easily identify overbought and oversold levels, and determine potential trend reversals. Its user-friendly nature makes it easy to apply and understand, making it a valuable tool for forex traders seeking accurate technical analysis.
| Indicator Type | |
|---|---|
| Trading Style | , |
| Timeframe | , |
| Platform |
0
People watching this product now!
Downloads - 16
Description
Reviews (0)
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.
Related products
FX5 MACD Divergence
The MACD FX5 Divergence Indicator is a new and popular forex indicator that runs on the MT4 platform. This is a free indicator that traders can use to identify potential trend reversals and momentum shifts. The indicator is based on the Moving Average Convergence-Divergence (MACD) indicator, which measures the distance between two moving averages. It analyzes the divergence between the MACD indicator and price action and then generates buy or sell signals. Use this indicator to better understand market trends and take advantage of potential profit opportunities.
Synthetic VIX
The Synthetic VIX Indicator is a popular and free Forex indicator for the MT4 trading platform. The indicator utilizes a combination of price action and signals from multiple time frames to accurately predict market movements. The Synthetic VIX indicator can be used to identify potential entry and exit points in the market, as well as to identify trend reversals and breakouts. It is designed to provide traders with an easy to use and reliable indicator that can help them make informed trading decisions. With its accurate and reliable signals, the Synthetic VIX Indicator is a great tool for any trader looking to improve their trading performance.
Commodity Channel Index
The Commodity Channel Index (CCI) is a popular and useful Forex indicator used by many traders. It is a technical indicator that measures the momentum of price movements and helps to identify when a currency pair is overbought or oversold. It is easy to use and can help traders identify potential trading opportunities. The indicator is free to use on the MT4 trading platform and is one of the most popular indicators used by traders.
Pullback Factor
Pullback Factor Indicator is a popular and new trend-following indicator designed for use in the forex market. It helps you to identify the end of a trend retracement and the resumption of the trend. With its unique algorithm, the indicator predicts the extent of a trend pullback, enabling traders to enter the market with precision and accuracy.
Currency Pairs Correlation
The Currency Pairs Correlation indicator is a free and popular tool for forex traders available on MT4 platform. It shows the correlation between various currency pairs, helping traders identify potential trading opportunities and manage their portfolio risk. The indicator calculates correlation coefficient between selected currency pairs and displays it as a color-coded matrix. The Currency Pairs Correlation indicator can be used by both novice and experienced traders to get a better understanding of market dynamics and make more informed trading decisions.
Power Trend
The Power Trend indicator for MT4 is a new and free popular forex technical analysis tool that helps traders identify trends, their direction, and strength visually in different colors. The colored histogram of the Power Trend indicator helps traders plan their trading strategies by providing insights into the trend's strength and maturity level. The indicator changes color to indicate weak or strong trends, allowing traders to maximize their profits and exit the trade at the right time. Download the Power Trend indicator for free and enhance your trading experience.
Volatility Quality
The Volatility Quality Indicator is a useful and popular free Forex indicator for MT4 that helps traders identify the best entry and exit points in the market. This indicator is based on the ratio of the price range of a given period to the average true range of the same period. It helps traders determine the quality of the volatility of a currency pair. It is also a great tool for identifying support and resistance levels. The Volatility Quality Indicator is a great way to make informed decisions when trading Forex.
Reviews
There are no reviews yet.