Introduction to the Channel on Parabolic Indicator
The Channel on Parabolic Indicator combines a price channel and Parabolic Sar indicator into one trading tool. Granted that the price constantly moves within channel bands, a trader should look for buy trade opportunities when the price hits red bands and the entry is confirmed with Parabolic Sar dots to switch location from above the candles to below the candles. Conversely, a trader should look for sell trade opportunities when the price hits green bands and the entry is confirmed with Parabolic Sar dots to switch location from below the candles to above the candles.
The Channel on Parabolic 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.
How to set up the Channel on Parabolic indicator in MT5?
Download the Channel on Parabolic.rar archive at the bottom of this post, unpack it, then copy and paste the Channel on Parabolic.ex5 or Channel on Parabolic.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 Channel on Parabolic 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 MT4 indicators to download and try.
Download Free Forex MT5 Channel on Parabolic Indicator
To download the Channel on Parabolic Indicator for Metatrader 5 (MT5) for free just click the button below: