Auto Trend Lines Channel Forex Price Action Indicator For MT4
The auto trend lines channel MT4 indicator draws the most powerful trend lines and channels automatically on the trading chart.
This indicator does a great job in finding the best tradable trend lines and trend channels that can bring huge profit.
Many traders simple love to trade with this price action indicator.
The basic trading rules of trend line and channel trading are simple:
- A buy signal occurs when price breaks above the trend line or trend channel.
- A sell signal occurs when price breaks below the trend line or trend channel.
It’s pure price action with no lagging technical indicators involved.
Naturally, you can combine trend lines and channels with your existing system or strategy.
You can use this indicator as a standalone or use together with your existing system or strategy!
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
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Auto Trend Lines 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 Lines Channel Forex MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a new buy order when the price breaks and closes above the trend line or upper trend channel line.
Place a protective stop loss below the previous swing low price, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 2.5 or higher.
Alternatively, go for a fixed take profit target, for example, 30 pips on the 1-minute scalping trading chart.
Sell Trigger: Initiate a new sell order when the price breaks and closes below the trend line or lower trend channel line.
Place a protective stop loss above the previous swing high price, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 2.5 or higher.
Alternatively, go for a fixed take profit target, for example, 70 pips on the 1-hour swing trading chart.
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Fan style, Fibonacci free channel, show ZigZag, gross period 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: trend lines and channels
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.