The Daily Channel Indicator is a useful forex indicator for MT4 that has become popular among traders for its accuracy in identifying trends. This free indicator creates daily price channels on the chart, making it easy to visualize support and resistance levels. The indicator works by calculating the high and low prices for each day and plotting them on the chart. Traders can use these channel lines to identify potential entry and exit points for their trades. To use the Daily Channel Indicator, simply download and install it on your MT4 platform. Once applied to the chart, you can adjust the settings to customize the appearance of the channels to suit your trading strategy. Overall, this indicator is a valuable tool for forex traders looking to analyze price movements and make informed trading decisions.
MT4
Daily Channel
The Daily Channel Indicator is a useful forex indicator for MT4 that is popular among traders for its accuracy and reliability. This free indicator displays support and resistance levels in a channel format, helping traders identify potential entry and exit points. It works by analyzing price movements over a set period of time, making it a valuable tool for both beginner and experienced traders.
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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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