The Pivot Monthly Medium indicator is a useful tool for forex traders using the MT4 platform. It is a popular indicator among traders for its accuracy in predicting potential support and resistance levels for the upcoming month. The best part is that it is completely free to use. This indicator works by calculating pivot points based on the high, low, and close prices of the previous month. These pivot points can help traders identify key levels where price action may reverse or consolidate. Traders can use this information to plan their trades and set profit targets and stop losses accordingly. To use the Pivot Monthly Medium indicator, simply add it to your MT4 chart and adjust the settings to match your trading style. Pay close attention to the pivot points and wait for confirmation from other technical indicators before making trading decisions.
MT4
Pivot Monthly Medium
Pivot Monthly Medium indicator is a useful forex indicator for MetaTrader 4 that is popular among traders for its accuracy in identifying key support and resistance levels. This free indicator works by calculating pivot points based on the previous month’s price action, providing traders with valuable information for making trading decisions. To use the indicator, simply install it on your MT4 platform and apply it to your chart.
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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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