The OBV 2.1 Bands Arrows Indicator is a highly useful forex indicator for MetaTrader 4 (MT4). It has gained popularity among forex traders due to its effectiveness in generating accurate trading signals. This indicator is widely known for being free, making it accessible for all traders. The OBV Bands Arrows Indicator calculates the On-Balance Volume (OBV) indicator, which helps identify the strength of a trend. It then adds bands and arrows to highlight potential entry and exit points. The bands act as dynamic support and resistance levels, guiding traders to make informed decisions. The arrows signal potential reversals or trend continuations, providing a clear indication of when to enter or exit a trade. To use this indicator effectively, traders should observe the behavior of price action in relation to the bands and arrows. When the price touches the upper band, it may be a signal to sell, while touching the lower band indicates a potential buying opportunity. The arrows provide confirmation, aligning with the price action for more reliable signals. Overall, the OBV 2.1 Bands Arrows Indicator is a valuable tool for forex traders looking to enhance their trading strategies.
MT4
OBV 2 1 Bands Arrows
The OBV 2.1 Bands Arrows indicator is a popular and useful forex tool for MT4. This free indicator combines On-Balance Volume (OBV) and Bollinger Bands to provide traders with entry and exit signals. It measures the buying and selling pressure in the market and displays it through arrows on the chart. Traders can utilize this indicator to identify potential trade opportunities and make informed trading decisions.
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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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