Smart Trend Channel Metatrader 4 Forex Indicator
The Smart Trend Channel MT4 forex indicator follows the trend and consists of a middle, high and low trading channel line.
This indicator gives a very good indication where the trend is heading to.
The trend goes up when the channel is moving up and goes down when the channel is moving down.
The middle line of the channel acts as a gravity line.
The blue lower channel line acts as support and the upper red line as resistance.
This indicator works great to take advantage of short-term price moves.
Scalpers will love this forex indicator.
The EUR/USD Hourly chart below displays the Smart Trend Channel Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Smart Trend Channel MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: In an uptrending market, the channel is also moving up. Wait for the price to retrace back towards the green gravity line and open buy order.
Take profit at the red resistance line. Place stop-loss 1 pip below the blue support line.
Sell Signal: In an downtrending market, the channel is also moving down. Wait for the price to retrace back towards the green gravity line and open sell order.
Take profit at the blue support line. Place stop-loss 1 pip above the red resistance line.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Period) 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 i-high-low-middle.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)