The Overbought and Oversold indicator is a useful and popular free Forex indicator for MetaTrader 4 (MT4) that helps traders identify potential entry and exit points in the market. It is based on the Relative Strength Index (RSI) and is an oscillator that measures the level of overbought and oversold conditions in the market. The Overbought and Oversold indicator helps traders spot when the market is overbought or oversold. It does this by calculating the RSI of the current market conditions. If the RSI is above 70, the market is considered overbought and if the RSI is below 30, the market is considered oversold. This helps traders identify when there may be a potential reversal in the market. The Overbought and Oversold indicator is easy to use and understand. It is displayed as a line on the chart that oscillates between 0 and 100. The line will turn red when the market is overbought and green when the market is oversold. This helps traders easily identify when the market is in an overbought or oversold state.
MT4
Overbought And Oversold
The Overbought and Oversold Forex Indicator is a free and popular tool for MT4 that can be used to identify potential entry and exit points in the Forex market. It is a useful technical indicator that allows traders to identify when the market is overbought or oversold. The indicator works by comparing the current price to the previous day’s closing price and then plotting a line on the chart. If the line is above the previous day’s closing price, it is considered overbought, and if it is below the previous day’s closing price, it is considered oversold. It is a useful tool for traders of all levels, and can be used in combination with other indicators to create a more comprehensive strategy.
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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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