Channel Breakout Entry Metatrader 4 Forex Indicator
The Channel Breakout Entry MT4 forex indicator provides traders with great buy and sell entry signals in the currency market.
The indicator consists of a trading channel and an entry line.
The trading channel itself is composed of two red lines and works as follows:
- A rising channel occurs when the channel makes higher highs and higher lows (price is rising)
- A declining channel occurs when the channel makes lower highs and lower lows (price is declining)
A valid buy entry signal occurs when the channel is rising (uptrend) and price crosses above the blue entry line from below.
A valid sell entry signal occurs when the channel is declining (downtrend) and price crosses below the blue entry line from above.
This indicator can be used as a standalone or together with other analysis tools.
Works for all kind of trading styles.
All default indicator parameters can be changed from the indicator’s inputs menu.
The EUR/USD 15-Minute chart below displays the Channel Breakout Entry Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Channel Breakout Entry MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when the currency pair crosses back above the blue entry line from below and the trading channel is in an uptrend (rising)
Sell Signal: Open sell order when the currency pair crosses back below the blue entry line from above and the trading channel is in a downtrend (falling)
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 (range 1, range 2, range 3, atr factor, atr range) 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 channel-breakout-entry.mq4 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)