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Swing Point

The Swing Point indicator for MT4 highlights the recent peaks and troughs of the price. This indicator can help traders to make better trading decisions and increase their profitability.

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Description

The Swing Point indicator for MT4 is a technical analysis tool that spots the recent peaks and troughs of the price. Swing points are potential support and resistance zones in the market for trend reversal/continuation. They are also used to identify trending and non-trending market conditions.

Therefore, the indicator is a versatile tool designed to assist traders in identifying potential trend reversal and trend direction of the market. It can be used by scalpers, day/intraday, and swing traders for technical analysis and in identifying optimal zones to buy or sell an instrument.

However, it is worth noting that the indicator doesn’t provide buy and sell signals for trade entries. Hence, traders can use it as a supporting tool for making objective trading decisions.

Features of the Swing Point Indicator for MT4

The indicator is a trend-following tool that works on multiple timeframes of the MT4 trading platform. It uses a zigzag pattern tool to spot swing points in the market. Therefore, the indicator’s zigzag line continually highlights the recent highs and lows of the price.

Benefits of Using the Indicator

  • Trend Reversal Signals: The Swing Point indicator for MT4 reveals an early change in trend direction. So, traders can use the indicator to spot trend reversal trading opportunities.
  • Trend Identification: The indicator helps traders to understand the market structure and make informed trading decisions. For instance, traders can identify a trending market when the indicator highlights swing points that are continually ascending or descending.
  • Support and Resistance Zones: As earlier noted, the swing points are potential support and resistance zones. Thus, Forex traders can look for trade entry opportunities or exit when the price reacts to the highlighted swing point zones.

Indicator Settings Description

The indicator comes with the following customizable parameters:

ReversPoint: Determines the period for identifying reversal points.

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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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