Introduction to the Channel Surfer Auto Trendline Indicator
The Channel Surfer Auto Trendline Indicator 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.
The Channel Surfer Auto Trendline 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 does it work? How to apply in trading?
Trading Rules Explanation
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.
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the Channel Surfer Auto Trendline indicator in MT4?
Download the Channel Surfer Auto Trendline.rar archive at the bottom of this post, unpack it, then copy and paste the Channel Surfer Auto Trendline.ex4 or Channel Surfer Auto Trendline.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Channel Surfer Auto Trendline indicator is well worth adding to your trading collection but 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.
Channel Surfer Auto Trendline Indicator Free Download
To download the Channel Surfer Auto Trendline Indicator for Metatrader 4 (MT4) for free just click the button below: