The Linear Regression Channel Breakout Signal indicator for Metatrader 4 shows exactly where to buy and sell currency pairs.
It draws the linear regression channel on the chart together with the accompanying buy and sell signal arrows.
A green colored arrow is a buy signal while a violet colored arrow a sell signal.
The indicator works the best for scalpers and day traders during the most active trading hours.
Indicator Chart Example
The picture below shows the Linear Regression Channel Breakout Signal indicator attached to the British Pound / U.S. Dollar M5 chart.
How to use this Forex indicator?
This technical indicator can be used in multiple ways, find an example below:
- A green arrow is a buy signal.
- Place your stop loss below the linear regression channel.
- Exit the buy trade for a fixed profit target or as soon as a violet colored arrow gets printed on the chart.
- A violet arrow is a sell signal.
- Place your stop loss above the linear regression channel.
- Exit the sell trade for a fixed profit target or as soon as a green colored arrow gets printed on the chart.
How to install the Linear Regression Channel Breakout Signal indicator to the Metatrader 4 platform?
- Download the linear-regression-channel-breakout.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