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Joker Filter

Identify current forex market trend at a glance with Joker Filter Indicator. Get buy and sell forex trading alerts upon trend reversals. An interesting trend filters that works in confluence of other indicator signals. Improve your trading results by downloading this MetaTrader indicator now.

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Description

The Joker filter MT4 indicator is a momentum oscillator that provides forex trading signals as histogram bars. It simplifies trading and provides a green and orange histogram bar to reflect the bullish and bearish market trend. Moreover, traders can customize the indicator by changing the input settings to adapt to their trading style and strategy.

Features of Joker Filter MT4 Indicator

The indicator combines moving average and RSI-Relative Strength Index to identify the bullish and bearish market trend. Traders can enter a buy trade if a green histogram bar appears with a stop loss below the previous swing low. On the other hand, traders should hold the positions until an opposite trading signal to book profits.

Similarly, traders can open sell positions if the orange histogram bar appears. This indicates the beginning of a potential downtrend. Traders can follow the above stop loss and profit booking strategy.

The indicator works well in all chart time frames and is suitable for all types of trend traders. Additionally, it provides multiple methods of trading alerts to help traders maximize the trading opportunities.

Benefits of Joker Filter MT4 Indicator

The indicator is simple to use and is beneficial to new forex traders to identify the bullish and bearish market trend immediately. Moreover, the indicator reflects the current market condition and any trend reversals.

Most traders use multiple indicators to confirm the trading signals of each other. In other words, trade in confluence. This MetaTrader indicator is an excellent tool and provides best trading results in combination with MACD- Moving Average Convergence Divergence.

Advanced forex traders can use the indicator to formulate automated forex trading strategies. As mentioned earlier the indicator finds it best application as a trend filter in auto trading systems.

Indicator Settings Description

SmoothPeriod:, SmoothPhase: A higher number provides fewer trading signals.

alertsOn:, alertsOnCurrent:, alertsMessage:, alertsSound:, alertsEmail: Enables trading alerts.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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