ForexChannel Metatrader 4 Indicator

The ForexChannel indicator draws a trend channel connecting the high and low currency prices. It now becomes very easy to identify the overall trend.

General Assumptions

Downward sloping channel: bearish trend
Upward sloping channel: bullish trend

Trading Signals

Use in conjunction with oversold-overbought oscillator readings to enter a trade in the overall direction of the channel. Avoid trading against the channel.

Download

Download the ForexChannel Metatrader 4 indicator.

Configurable Indicator Options

AllBars, BarsForFract

GBP/JPY 1 Hour Chart Example

forexchannel-metatrader4

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