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RSI Candles

The RSI Candles Seffx indicator for MT4 displays the RSI values as candlesticks. With this indicator, traders can easily identify when the market is overbought or oversold and make informed trading decisions.

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Description

The RSI Candles Seffx indicator for MT4 is a custom indicator that displays the Relative Strength Index (RSI) value in candlesticks format. It is chart-friendly and works on multiple time frames, making it an ideal trading tool for trend analysis.

This version of the RSI indicator assists traders in interpreting the RSI signals more accurately. Unlike the traditional RSI on the MetaTrader platform, which oscillates as the price swings from zone to zone, the RSI candles give a better trend visualization.

Therefore, the RSI Candles Seffx indicator for MT4 is a beginner-friendly tool for efficient market analysis. So, traders can consider adding this indicator to their MT4 chart to interpret the RSI signals and market trend direction.

Features of the RSI Candles Seffx Indicator for MT4

The indicator is designed to display the RSI values as a candlestick, below the main price chart. The candlesticks show the RSI value for High, Low, Open, and Close. Dodger-blue and crimson candlesticks are used to depict the RSI fluctuation. So, the dodger-blue candlestick indicates that the RSI value is rising, while the crimson-colored candles indicate a decline in the RSI value.

Furthermore, when the RSI candles indicator moves consistently to the upside, it suggests the market is in an uptrend. Conversely, a downtrend is when the RSI candles move consistently to the downside.

Benefits of Using the Indicator

  • Enhances Trend Identification: As noted above, the indicator makes it easy for traders to identify the trend direction of an instrument. For instance, the market is bullish if the RSI candles move consistently upward.
  • Trading Confluence: The indicator can be used as a supporting tool with price action/other technical analysis indicators for improved trading decisions.

Indicator Settings Description

The indicator comes with the following customizable settings:

RSI period: Determines the RSI period for trend analysis.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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