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.
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