The Watermark Indicator is a popular and useful free Forex indicator for MT4. This indicator is designed to help Forex traders identify trend reversals and potential price breakouts. The indicator uses a combination of moving averages and the Relative Strength Index (RSI) to determine when a trend is changing direction. When the indicator detects a potential trend reversal, it will draw a horizontal line on the chart, which is referred to as the “watermark”. This line can then be used as a reference point for traders to enter or exit a trade. The Watermark Indicator is easy to use. After adding the indicator to the chart, traders can adjust the parameters to suit their trading style. The indicator’s default settings are based on a 30-day moving average and an RSI of 20. However, traders can adjust the parameters to suit their own trading strategies. For example, the moving average and RSI settings can be changed to suit different time frames or different trading styles.
MT4
Watermark
The Watermark Indicator is a useful and popular free Forex indicator for MT4. It helps traders identify the most important price levels, allowing them to make better trading decisions. The indicator works by displaying a watermark in the background of the chart, which shows the price levels that have recently been reached. With the Watermark Indicator, traders can easily identify the most important price levels and make more informed trading decisions.
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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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