The SHI Channel Indicator for MT5 is a useful tool for forex traders looking to identify trends and potential price reversals in the market. It is a popular indicator among traders due to its accuracy and ease of use. The indicator creates a channel based on the highest high and lowest low prices over a specified period, allowing traders to visualize the current trend direction and potential support and resistance levels. Traders can use the SHI Channel Indicator to make informed trading decisions by buying when the price is near the lower channel line in an uptrend and selling when the price is near the upper channel line in a downtrend. The indicator is free to download and can be easily added to the MT5 platform, making it a valuable tool for forex traders of all skill levels.
MT5
SHI Channel MTF
Shi Channel Indicator MT5 is a popular and useful forex indicator available for free. It works by creating a channel based on the highest high and lowest low of a specified period. Traders can use it to identify potential support and resistance levels, as well as trend direction. The indicator can be easily added to MT5 charts to assist with technical 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:
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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