Auto Channel Metatrader 4 Forex Indicator
The Auto Channel MT4 indicator draws a tradable buy & sell slope channel on the activity chart.
The slope trading channel consists of two green colored outer lines and one green dotted center line.
The upper outer line is called resistance while the lower outer line is called support.
The distance between the outer lines and the center line is equal.
It’s important here to take a look at the slope of the trading channel.
You would look for buy signals when the slope of the trading channel is moving upwards (bullish).
You would look for buy signals when the slope of the trading channel is moving downwards (bearish).
The Auto Channel MT4 indicator can be used as a stand-alone forex indicator or combined together with other analysis tools or technical indicators such as RSI or MACD.
Channel trading can be used for scalping, day trading and swing trading.
For scalping and day trading, use the M5 and M15 trading charts.
For swing trading, use the H1, H4 and D1 trading charts.
The EUR/USD H1 chart below displays the Auto Channel Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Auto Channel Metatrader 4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade near the lower support line when the Auto Channel is moving upwards.
Sell Signal: Open sell trade near the upper resistance line when the Auto Channel is moving downwards.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (All Bars) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the auto-channel-indicator.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)