The Preferred Stochastic Indicator is a popular and useful forex indicator for MT4 that is available for free. This indicator is based on the stochastic oscillator, which is a momentum indicator that shows the location of the close relative to the high-low range over a set number of periods. The Preferred Stochastic Indicator is used to identify overbought and oversold conditions in the market. When the indicator is above 80, it indicates that the market is overbought and a reversal may be imminent. Conversely, when the indicator is below 20, it indicates that the market is oversold and a reversal may be on the horizon. Traders can use the Preferred Stochastic Indicator to make more informed trading decisions and improve their overall trading performance. It is easy to use and can be a valuable tool for traders of all experience levels.
MT4
Preferred Stochastic
Preferred Stochastic Indicator is a useful forex indicator for MT4 that is popular among traders. It is a free tool that helps identify overbought and oversold conditions in the market. By utilizing this indicator, traders can make informed decisions on when to enter or exit trades based on the momentum of the market.
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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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