The My Envelope Indicator is a popular, free and useful Forex indicator for the MetaTrader 4 platform. This indicator is designed to help traders identify potential entry and exit points in the market. The My Envelope Indicator works by plotting a line or an envelope around the price action of the asset being traded. This envelope is created by calculating the average price of the asset over a certain period of time. The indicator then plots two lines above and below the average price line. These two lines are typically set at a certain percentage of the average price line. The My Envelope Indicator is a great tool for helping traders identify potential entry and exit points in the market. By plotting a line or an envelope around the price action of the asset being traded, traders can easily identify when the price action is likely to break out of the envelope and enter a new trend. This indicator is also useful in identifying potential support and resistance levels, which can help traders plan their entry and exit points accordingly. The My Envelope Indicator is a popular and free indicator for the MetaTrader 4 platform and is a great tool for helping traders identify potential entry and exit points in the market.
MT4
My Envelope
The My Envelope Indicator is a popular and free Forex indicator for MT4 that is useful for traders of all levels. This indicator helps traders identify entry and exit points by plotting two envelope lines on the chart, one above and one below the price. The My Envelope Indicator is a great tool for traders looking to identify potential entry and exit points in the Forex market. It is easy to use and can help traders make informed decisions when trading.
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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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