The RSI Candles Indicator for MT4 is a popular and free forex indicator that is useful for analyzing market trends. This technical indicator helps traders to identify overbought or oversold conditions in the market. The indicator is based on the Relative Strength Index (RSI) which is a momentum oscillator. It is designed to measure the speed and change of price movements. The indicator plots a series of green and red candles on a chart, each candle representing the RSI value at a certain time. When the RSI value is above 70, the candle is colored green, indicating that the market is overbought. Conversely, when the RSI value is below 30, the candle is colored red, indicating that the market is oversold. By using the RSI Candles Indicator, traders can identify potential entry and exit points in the market. The indicator is easy to use and can be used in combination with other technical indicators to gain a better understanding of the market. The indicator is available for free and can be downloaded from many online sources. It is a great tool for traders looking to analyze market trends and make informed trading decisions.
MT4
RSI Candles
The RSI Candles Indicator is a useful and popular free MT4 Forex indicator. The indicator works by plotting a blue or red candle on the chart depending on the Relative Strength Index (RSI) values. If the RSI values are over 70, a red candle is plotted. If the RSI values are below 30, a blue candle is plotted. The RSI Candles Indicator is a great tool for any trader looking for an effective and free way to analyze 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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