Channel Surfer Auto Trendline Indicator
Platform: MT4 Type: Channel Last update: September 30, 2024The Channel Surfer Auto Trendline Indicator for MT4 is a price action-based trend-following forex indicator. It simply relieves the hassle of looking for trend channels and drawing them manually in the charts on a regular basis. With the help of that tool, you will get accurate trendlines channels automatically plotted on the charts. We are sure that both beginners and advanced forex traders will find that indicator very useful.
How to trade with the channel surfer trendlines?
The Channel Surfer Auto Trendline Indicator consists of three lines, that together create a trendline channel with a bullish, bearish, or neutral slope. Each line is explained in detail below:
- Upper Line: this line is the upper band of the channel and works as a dynamic resistance of the market. This is a perfect place for a short trade if the price fails to break it and pass above that upper trendline.
- Mid Line: this line works as the core of the whole trendline channel. If the price hovers above that level, it indicates the probable continuation of the bullish trend. Similarly, if the price hovers below that level, it validates the current bearish thrust of the market momentum.
- Lower Line: this line is the lower band of the channel and works as a dynamic support of the market. This is a perfect place for a long trade if the price fails to break it and pass below that lower trendline.
