The SHI Channel Mod Indicator is a popular and useful tool for forex traders using MT4. This free indicator helps traders identify trend direction and potential reversal points by displaying support and resistance levels on the chart. The indicator works by calculating the high and low prices over a specified period and then plots two lines above and below the price chart, creating a channel. Traders can use these channel lines to guide their entry and exit points, as well as to set stop-loss and take-profit levels. To use the SHI Channel Mod Indicator effectively, traders should look for price action around the channel lines, such as price bouncing off the support or resistance levels. Additionally, traders can look for breaks above or below the channel to signal potential trend reversals. Overall, the SHI Channel Mod Indicator is a valuable tool for forex traders looking to improve their trading strategies.
MT4
SHI Channel Mod
The SHI Channel Mod Indicator is a useful tool for forex traders using MetaTrader 4 (MT4). This popular and free indicator helps traders identify trend direction and potential reversal points. It works by displaying two trend lines on the chart, making it easy to spot potential buying and selling opportunities. Traders can use this indicator to make informed trading decisions.
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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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