The Fractal Channel indicator for Metatrader 4 draws a buy/sell trading channel on the chart, solely based on the popular Fractals indicator.
The indicator appears as two white colored lines on the main chart window.
The upper white line acts as resistance while the lower white line acts as support.
The Fractal Channel indicator works well if you are looking for 5-20 pips per trade.
Buy & sell signal:
- In an uptrending market, buy the currency pair when price touches the lower white support line.
- In a downtrending market, sell the currency pair when price touches the upper white resistance line.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Fractal Channel indicator to your Metatrader 4 platform?
- Download the ifractal-channel.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration