The Elder Impulse Candle Color is a free and popular forex indicator for MT4, developed by Alexander Elder. It is a useful tool that can help traders identify possible trend reversals in the market. The indicator is based on the Elder Impulse System, which is a trend-following system that uses three different indicators, including the MACD, RSI and Stochastic Oscillator. The Elder Impulse Candle Color indicator looks for potential trend reversals in the market by analyzing the color of the candle. If the candle is green, it indicates that the trend is likely to continue in an upward direction. Conversely, if the candle is red, it indicates that the trend is likely to reverse and move in a downward direction. This indicator can be used to identify potential entry and exit points in the market. The indicator is easy to use and is available for free on the MT4 platform. To use it, all you need to do is apply the indicator to your chart and wait for the color of the candle to change. If the candle turns green, it is a sign that the trend is likely to continue in an upward direction. If the candle turns red, it is a sign that the trend is likely to reverse and move in a downward direction.
MT4
Elder Impulse Candle Color
The Elder Impulse Candle Color indicator is a popular and useful Forex indicator for the MT4 trading platform. The indicator works by analyzing the price action of a currency pair and identifying changes in momentum. It is based on the Elder Impulse System, which is a momentum indicator developed by Alexander Elder, a renowned trading expert. It is easy to use and provides traders with a reliable way to make informed trading decisions.
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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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