The Coloured Woodie Indicator is a popular and free Forex indicator for the MT4 platform. This indicator is useful for traders of all levels who are looking to gain a better understanding of the market. It is designed to provide traders with an easy-to-read visual representation of the market, allowing them to quickly identify potential trading opportunities. The Coloured Woodie Indicator is based on the Woodie CCI trading system, which uses the Commodity Channel Index (CCI) to identify potential trading opportunities. The indicator plots two lines on the chart, one for the CCI and one for the Woodie CCI. The CCI line is colored blue, while the Woodie CCI line is colored red. When the CCI line crosses above the Woodie CCI line, it indicates a potential buying opportunity. Conversely, when the CCI line crosses below the Woodie CCI line, it indicates a potential selling opportunity. It also includes several useful features, such as customizable period and alert settings.
MT4
Coloured Woodie
The Coloured Woodie Indicator for MT4 is a popular and free forex indicator that is very useful for traders. This indicator works by combining the traditional Woodie CCI indicator with a colored histogram. The Coloured Woodie Indicator for MT4 is simple to use and provides a great way for traders to stay on top of the market.
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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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