Fractal Channel Metatrader 4 Forex Indicator
The Fractal Channel forex indicator for MT4 is great for pinpointing trade entries and exits.
The indicator draws a two colored trading channel based on fractals.
- The blue Fractal channel line represents resistance.
- The red Fractal channel line represents support.
How to trade with the Fractal Channel forex indicator?
An uptrending Fractal channel represents an uptrending market. In this case, look to buy at the red Fractal channel line and take profit at the blue line.
A downtrending Fractal channel represents a downtrending market. In this case, look to sell at the blue Fractal channel line and take profit at the red line.
Use the Fractal Channel forex indicator on any currency pair and timeframe of your choice.
Scalpers and day traders can benefit the most from this indicator.
The EUR/USD 4-Hour chart below displays the Fractal Channel Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Fractal Channel MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the Fractal Channel is trending up and price touches the red channel line. This is your buy entry point. Place a stop-loss 8-10 pips below the red channel line (support). Take profit at the blue channel line (resistance).
Sell Signal: Initiate a sell trade when the Fractal Channel is trending down and price touches the blue channel line. This is your sell entry point. Place a stop-loss 8-10 pips above the blue channel line (resistance). Take profit at the red channel line (support).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (channel type, margins, mode) 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 fractal-channel.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)