The MA Channels Entry Forex indicator for Metatrader 4 consists of multiple colored moving averages that can be used for trade entry and exit.
The trend is bullish when the MA channel is sloping up and bearish when it’s sloping down.
The indicator can be easily used as a buy on dips and sell on rallies trading system (see a classic example more down below).
The MA Channels Entry indicator should work equally well across all time frames and currency pairs.
The picture below is an example of how the MA Channels Entry Forex indicator looks like when applied to the EUR/USD 1-hour trading chart.
How to buy and sell currency pairs with the MA Channels Entry indicator?
The indicator can be used in multiple ways, please find a classic trading example below:
- Open a buy trade when price touches the lower MA channel line and the MA channel is sloping up.
- Place your stop loss below the lower MA channel line.
- Exit the long trade when price touches the upper MA channel line or wait for a sell signal.
- Open a sell trade when price touches the upper MA channel line and the MA channel is sloping down.
- Place your stop loss above the upper MA channel line.
- Exit the short trade when price touches the lower MA channel line or wait for a buy signal.
How to I install and run this Forex indicator on Metatrader 4?
- Download the ma-channels.mq4 indicator file here and save it to your computer
- Open the Metatrader 4 trading platform
- From the top menu, click on “File” to open the drop down menu
- Select the “open data folder” and navigate to the “MQL4” folder
- Then navigate to the “Indicators” folder
- Copy the indicator into the “Indicators” folder
- Close the trading platform and restart it
- The indicator will be automatically installed on MT4
- You will find the installed indicator in the Navigator window
- In order to start using it, drag and drop the indicator to the chart