The High Low Channel Indicator is a popular and useful tool for forex traders using the MT5 platform. It is a free indicator that helps traders identify price channels based on the high and low prices over a set period of time. The indicator works by plotting two lines on the chart – one representing the highest price reached and the other representing the lowest price reached during the specified period. Traders can use these channels to identify potential support and resistance levels, as well as gauge the strength of a trend. To use the High Low Channel Indicator, traders can look for price to bounce off the channel lines or break through them as potential entry and exit points. Additionally, the width of the channel can indicate market volatility, with wider channels suggesting greater volatility and narrower channels suggesting lower volatility.
MT5
High Low Channel
The High Low Channel Indicator for MT5 is a highly useful forex indicator that is popular among traders. This free indicator helps to identify price channels within which a forex pair is trading. Traders can use this information to make informed decisions about entry and exit points. By plotting the high and low prices over a specified period, it provides valuable insights into market trends.
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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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