The Launcher TRX Forex indicator for Metatrader 4 is a buy/sell trading channel that can be used for both trade entries and exits.
The indicator can also be easily combined with the Launcher Directional indicator.
Just add both indicators to the same chart.
The trend is bullish when the Launcher TRX channel is rising while bearish when falling.
- Channel indicator
- Works for trade entries and exits
- Works for any currency pair
- Dynamically updates the channel
- Developed for Metatrader 4
Indicator Chart Example
The picture below shows the Launcher TRX indicator attached to the Euro / U.S. Dollar H4 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
- Open a buy trade when the Launcher TRX channel is rising and price touches the lower red channel band.
- Place your stop loss below the most recent swing low point.
- Exit the buy trade when price touches the upper blue Launcher TRX channel band.
- Open a sell trade when the Launcher TRX channel is declining and price touches the upper blue channel band.
- Place your stop loss above the most recent swing high point.
- Exit the sell trade when price touches the lower red Launcher TRX channel band.
How to install the Launcher TRX indicator to the Metatrader 4 platform?
- Download the Launcher TRX Final.ex4 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