The Limited Donchian Channel Forex indicator for Metatrader 4 is based on the Donchian trading channel and provides solid trade entries and exits.
The indicator updates the channel in real-time and pops up on the chart as a two colored outer lines and a middle line.
The overall trend is considered bullish when the Limited Donchian Channel is trending up while bearish when it’s trending down.
The indicator works for any currency pair and time frame.
Especially scalpers and day traders can benefit from this technical tool.
General Information
- Should work for any time frame
- Provides accurate trading signals
- Easy to understand indicator
- Does not repaint
- Developed for Metatrader 4
Free Download
Download the limited-donchian-channel.mq4 indicator file (MT4)
Indicator Chart Example
The picture below shows the Limited Donchian Channel indicator attached to the Euro / U.S. Dollar M5 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
Buy Signal:
- Open a buy trade when price touches the lower red channel line and the Limited Donchian channel is trending up.
- Place your stop loss below the most recent swing low.
- Exit the buy trade when price touches the upper green channel line.
Sell Signal:
- Open a sell trade when price touches the upper green channel line and the Limited Donchian channel is trending down.
- Place your stop loss above the most recent swing high.
- Exit the sell trade when price touches the lower red channel line.
How to install the Lemantrend indicator to the Metatrader 4 platform?
- Download the limited-donchian-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
