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)

Entry signal:

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.

Free Download

Download the channel-breakout-entry.mq4” MT4 indicator

Example Chart

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.

Download

Download the channel-breakout-entry.mq4” Metatrader 4 indicator

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

Type: channel

Installation

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)

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