The SHI Channels Indicator is a popular and useful forex indicator designed specifically for the MetaTrader 4 (MT4) platform. This free indicator can significantly enhance a trader’s toolbox by providing valuable insights into the market trends and potential price movements. The SHI Channels Indicator utilizes a unique algorithm to identify and plot channels on the chart. These channels act as reliable support and resistance levels, assisting traders in defining potential entry and exit points with precision. By visually highlighting the price ranges, traders can effectively gauge market strength and potential breakouts. Using the SHI Channels Indicator is straightforward. Traders simply need to install it onto their MT4 platform and apply it to the desired chart. The indicator will automatically plot the channels, making it quick and convenient to analyze price movements. Additionally, traders can customize various parameters to suit their trading style and preferences. In summary, the SHI Channels Indicator is a popular and useful forex indicator for MT4. Its free availability makes it accessible to all traders. By identifying key price levels, this indicator empowers traders to make informed trading decisions and maximize their profits in the forex market.
MT4
Shi Channels
The SHI Channels Indicator is a popular and useful free forex indicator for MT4. Designed to provide visual representation of support and resistance levels, it efficiently guides traders in making informed trading decisions. By utilizing channel lines, this indicator highlights potential entry and exit points in the foreign exchange market. With its simple yet effective functionality, the SHI Channels Indicator is a valuable tool for both beginner and experienced forex traders.
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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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