Step RSI indicator is a useful and popular free Forex indicator for MT4 trading platforms. The Step RSI indicator is based on the traditional Relative Strength Index (RSI) indicator, but with the added feature of the ability to set the step parameter to create a staircase-like RSI line. This indicator is useful for traders who want to identify overbought and oversold levels in the market. The Step RSI indicator plots a staircase-like line on the chart that moves up and down, depending on the current market conditions. The indicator also has two horizontal lines that are used to identify overbought and oversold levels. When the RSI line crosses above the overbought line, it is a signal to sell, and when it crosses below the oversold line, it is a signal to buy. The Step RSI indicator is easy to use and can be set up quickly. It is a popular and free indicator for MT4 trading platforms, and it is easy to set up and use.
MT4
Step RSI
The Step RSI Indicator is a useful tool for Forex traders, available for free on the MT4 platform. The Step RSI Indicator works by measuring the relative strength of the current market price compared to recent highs and lows. The Step RSI Indicator is a great tool for identifying possible trading opportunities, as it can help you identify when the market is overbought or oversold.
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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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