The High Low Channel Indicator for MT5 is a useful tool for forex traders looking to identify key levels of support and resistance. This popular indicator is available for free and is easy to use on the MetaTrader 5 platform. The indicator works by drawing two lines on the chart representing the highest high and lowest low prices over a set period of time. Traders can use these lines to identify potential reversal points or breakout opportunities. Additionally, the indicator can help determine the strength of a trend and set stop-loss and take-profit levels. To use the High Low Channel Indicator, simply add it to your chart and adjust the settings to your preferred time frame. Keep an eye on how price interacts with the channel lines to make informed trading decisions.
MT5
High Low Channel
High Low Channel Indicator MT5 is a popular and useful forex indicator available for free. It works by displaying a channel based on the highest high and lowest low over a set period of time. Traders can use this indicator to identify potential support and resistance levels, as well as gauge market volatility. It is a valuable tool for analyzing price movements in the forex market.
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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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