The Relative Strength Oscillator (RSO) is a useful free Forex indicator for MetaTrader 4 (MT4) that helps traders identify the strength of a trend. It measures the ratio of a security’s upward price movements to its downward movements over a given period of time. The RSO is a popular and widely used technical analysis tool among Forex traders and investors. The RSO oscillates between 0 and 100 and is calculated by dividing the average of the security’s upward price movements by the average of its downward movements. The higher the RSO value, the stronger the upward trend; and the lower the RSO value, the stronger the downward trend. When the RSO is above 50, the trend is considered to be bullish; and when it is below 50, the trend is considered to be bearish. It can help identify the strength of a trend, potential reversals, and when to enter and exit a trade.
MT4
Relative Strength Oscillator
The Relative Strength Oscillator (RSO) is a useful and popular free Forex indicator for MT4 that helps traders determine the strength of a trend. The RSO measures the relative strength of an asset by comparing its current price to its past prices. The RSO is a great tool for traders looking to capitalize on trends and make the most of their trading opportunities.
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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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