The Three Colors Indicator is a useful tool for forex traders using the MT4 platform. This popular indicator is free to download and provides valuable insights into market trends. The indicator works by displaying three different colors on the chart to indicate the strength of the trend. A green color indicates a strong uptrend, a red color indicates a strong downtrend, and a neutral color indicates a ranging market. Traders can use this indicator to identify potential entry and exit points, as well as to confirm market trends. By analyzing the color changes, traders can make more informed trading decisions. Overall, the Three Colors Indicator is a valuable tool for forex traders looking to improve their trading strategies on the MT4 platform.
MT4
Three Colors
Three Colors Indicator is a popular and useful forex indicator for MT4. It is a free indicator that helps traders identify market trends based on three different colors. Green indicates a bullish trend, red indicates a bearish trend, and yellow indicates a ranging market. Traders can use this indicator to make informed trading decisions based on the current market conditions.
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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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