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Forex Channel Metatrader 4 Indicator

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.

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.mq4 indicator.

Configurable Indicator Options

AllBars, BarsForFract

GBP/JPY 1 Hour Chart Example

forexchannel-metatrader4

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.