The Forex Channel indicator for MT4 draws a trend channel connecting the high and low currency prices.
It now becomes very easy to identify the overall trend.
Downward sloping channel: bearish trend
Upward sloping channel: bullish trend
Use in conjunction with oversold-overbought oscillator readings to enter a trade in the overall direction of the channel. Avoid trading against the channel.
Configurable Indicator Options
GBP/JPY 1 Hour Chart Example
How to install the Forex Channel custom indicator in Metatrader 4?
- Download the ForexChannel.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.