The auto trend channel Forex indicator draws a dynamic tradable buy/sell channel on the Metatrader 4 chart. You can make good profit with it.
The auto trend channel indicator identifies the most profitable trend and draws a channel around the high and low prices.
Identifying the trend with the auto channel Forex indicator:
- The trend is upward when the trend channel is sloping up.
- The trend is downward when the trend channel is sloping down.
Trading currency pairs with the trend channel indicator is a fairly easy task. I will explain below how to profit with it.
Feel free to experiment with the indicator’s different parameters to suit your preferences.
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Auto Trend Channel Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Auto Trend Channel Forex MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade order at the lower green trade channel line while the Auto Trend Channel indicator is sloping up (bullish trend).
Place a protective stop loss below short-term support, or use your own stop loss placement strategy.
Close the buy trade at the upper green trade channel line.
Alternatively, exit the buy trade for a fixed take profit target, for example, 12 pips on the 1-minute scalping trading chart.
Sell Trigger: Open a sell trade order at the upper green trade channel line while the Auto Trend Channel indicator is sloping down (bearish trend).
Place a protective stop loss above short-term resistance, or use your own stop loss placement strategy.
Close the sell trade at the lower green trade channel line.
Alternatively, exit the sell trade for a fixed take profit target, for example, 40 pips on the 1-hour trading chart.
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All bars, bars for Fractals, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: channel
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.