The Support Resistance Indicator for MT4 is a popular and useful tool for forex traders. This free indicator helps traders identify key support and resistance levels on their charts, which can be critical for making trading decisions. The indicator works by analyzing past price movements to identify levels where the market has previously struggled to break through (resistance) or struggled to fall below (support). These levels can act as significant barriers for price movement in the future, making them important reference points for traders. To use the Support Resistance Indicator, simply add it to your MT4 chart and adjust the settings to customize the indicator to your liking. Traders can then use the identified support and resistance levels to plan their entry and exit points, set stop-loss orders, and identify potential trend reversal points.
MT4
Dashboard Support Resistance
Dashboard Support Resistance Indicator for MT4 is a useful tool for forex traders looking to identify key price levels. This popular indicator is free to download and easy to use. It works by automatically plotting support and resistance levels on your chart, helping you make informed trading decisions. Simply install the indicator on your MT4 platform and start using it to enhance your trading strategy.
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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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