The Extreme RSI Indicator is a useful, free Forex indicator for the popular MT4 platform. It is a popular tool among traders for its ability to help identify overbought and oversold market conditions. This indicator is based on the Relative Strength Index (RSI), which is a momentum oscillator that measures the magnitude and velocity of price movements. The Extreme RSI Indicator displays the RSI values in a histogram, which makes it easier to identify and interpret the signals. The Extreme RSI Indicator works by measuring the strength of the current price movements and then plotting the results on a histogram. This histogram is divided into two parts: the overbought and oversold areas. When the indicator is in the overbought area, it indicates that the market is overbought and a sell signal is generated. Similarly, when the indicator is in the oversold area, it indicates that the market is oversold and a buy signal is generated.
MT4
Extreme RSI
The Extreme RSI Indicator is a useful and popular free Forex indicator for MT4. The indicator works by calculating the Relative Strength Index (RSI) of a currency pair over a specified period of time. If the RSI reaches a certain level, it is considered overbought or oversold. The Extreme RSI Indicator then provides a visual alert, allowing the trader to take action. It is a simple, yet effective tool that can be used to make more 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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