Introduction to the Auto Trend Channel Indicator
The Auto Trend Channel Indicator automatically draws two trendlines that together make a price channel and these trendlines work as dynamic support and resistance levels. A green trendline is a resistance level and when the price rejects it, one should open a sell trade. Similarly, a red trendline is support level and its price rejection indicates a buy trade.
The Auto Trend Channel Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Example trade with the Auto Trend Channel Indicator
Below is the screenshot of an example trade with the Auto Trend Channel Indicator.
As you can see, there is a clear downtrend. The Auto Trend Channel indicator plotted a respectable green inclined trendline and take profit is set by a red trendline.
How to set up the Auto Trend Channel indicator in MetaTrader (MT5)?
Download the Auto Trend Channel.rar archive at the bottom of this post, unpack it, then copy and paste the Auto Trend Channel.ex5 or Auto Trend Channel.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Auto Trend Channel indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex indicators to try.
Download Free Forex MT5 Auto Trend Channel Indicator
To download the Auto Trend Channel Indicator for Metatrader 5 (MT5) for free just click the button below: