The BP Trend Channel Metatrader 4 signals indicator is a unique trend channel that works really well when combined with the stochastic MT4 indicator.
Traders can quickly deplore this tool for getting additional information on probable trade entries or exits.
Likewise, the indicator prompts traders when trend is changing, alongside other primary information like sessions in the market when price is ranging i.e. when the market is flat, or when volatility has kicked in.
Key Takeaways
- Just to get a better view of how the market is fairing, more attention should be paid to the crossover signals between the royal blue and red colored lines of the BP Channel Indicator.
- Generally speaking, when the dodger blue and red lines of the BP Channel Indicator flattens out horizontally on the price chart, it is pointing to a range-bound market, which implies that market participants with open trades should consider exiting the market.
- The outer dotted channels on the BP Channel Indicator acts in a manner that mimics support and resistance levels, therefore traders should pay attention to these channels.
Feel free to explore the BP Trend Channel Forex indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “bp-channel-indicator.ex4” Metatrader 4 indicator
BP Trend Channel Forex Signals Indicator Chart (NZD/CHF M15 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The BP Trend Channel MT4 Indicator
Buy Signal: Go long when the red line of the BP Trend Channel MT4 Indicator crosses below the dodger blue line in a bottom up manner.
When the light sea green and dotted red lines of the Stochastic Oscillator break and runs above the 50.00 horizontal level, it is a buy signal confirmation.
Sell Signal: Go short when the red line of the BP Trend Channel MT4 Indicator crosses above the dodger blue line in a top downward fashion.
When the light sea green and dotted red lines of the Stochastic Oscillator dip and runs below the 50.00 horizontal level, it is a sell signal confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines (red and dodger blue) of the BP Trend Channel indicator intersects. Else, the light sea green line of the Stochastic Oscillator dips below the 50.00 horizontal level.
Exit sell trade: Close all sell orders if while a bearish trend is running, the lines (red and dodger blue) of the BP Trend Channel indicator intersects. Else, the light sea green line of the Stochastic Oscillator surges above the 50.00 horizontal level.
Tips: The BP Trend Channel MT4 Signals indicator can be deployed for various purposes.
One of which is hinged on its ability to determine trends, spot when the market loses its steam, and determine likely price range for scalping and intraday trading purposes.
It is suitable as a standalone technical indicator, however, combining it with the Stochastic indicator offers a huge boost in terms of profitability.
Download Now
Download the “bp-channel-indicator.ex4” MT4 indicator
Adjustable Parameters
K Period, bands beviations, s period, count bars.
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
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
