The Ichimoku Direction Monitor Indicator is a free and popular MT4 forex indicator that is useful for helping traders identify trend direction. This indicator uses the Ichimoku Kinko Hyo system to help traders identify potential buy and sell signals in the forex market. The Ichimoku Direction Monitor Indicator plots four lines on the chart that indicate the current trend direction. The four lines are the Tenkan-sen, Kijun-sen, Senkou Span A, and Senkou Span B. The Tenkan-sen line is used to identify short-term trend direction and the Kijun-sen line is used to identify long-term trend direction. The Senkou Span A and Senkou Span B lines are used to identify the current trend direction. When the Senkou Span A line is above the Senkou Span B line, the trend is considered to be up. When the Senkou Span A line is below the Senkou Span B line, the trend is considered to be down. The Ichimoku Direction Monitor Indicator can be used to help traders identify potential buy and sell signals in the forex market. When the Tenkan-sen line crosses above the Kijun-sen line, it is considered to be a buy signal. When the Tenkan-sen line crosses below the Kijun-sen line, it is considered to be a sell signal. The Ichimoku Direction Monitor Indicator is a useful tool for helping traders identify trend direction and potential buy and sell signals in the forex market.
MT4
Ichimoku Direction Monitor
The Ichimoku Direction Monitor Indicator for MT4 is a useful and popular free Forex indicator. The indicator works by plotting two lines on the chart, the ‘Tenkan-Sen’ and the ‘Kijun-Sen’. These lines are then used to identify the direction of the trend. The Ichimoku Direction Monitor Indicator is a great tool for traders who want to get a clear view of the trend in the 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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