Fractal Channel Metatrader 5 Forex Indicator
The Fractal Channel Metatrader 5 custom indicator simply displays its channel using fractals.
The fractal method of creating a trading channel is quite an interesting one.
Irrespective of its simplicity, it can be deployed for flat level analysis (for instance, if you have strayed away from your trading screen and you quickly want to scan recent market happenings).
The indicator is comprised of three dotted lines by default, there is the outer upper (lime) and lower lines (gray), along with the middle line (gray).
The EUR/CHF H1 chart below displays the Fractal Channel Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price opens and closes above the gray middle line of the Fractal Channel Metatrader 5 forex indicator. Also note that price will most times continue to trade along the lime upper outer boundary of the indicator.
Sell Signal: Go short when price opens and closes below the gray middle line of the Fractal Channel Metatrader 5 forex indicator. Also note that price will most likely trade along the red lower outer boundary of the indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price closes below the gray middle line of the indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price closes above the gray middle line of the indicator.
Tips: The Fractal Channel MT5 forex indicator is suitable for swing trading, day trading and scalping.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (ChannelType, Margins, Advance, Prices, Horizontal shift of the indicator in 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 fractalchannel.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)