Introduction to the Double Channel Forex Scalper Indicator
The Double Channel Forex Scalper indicator is a great accuracy trading tool that is a combination of three moving averages and buy/sell arrows.
Similarly to all other scalping indicators, this one was also made for lower timeframes (like M5). However, it also works pretty well on higher timeframes too (like H4 or D1).
Simplified trading rules for Double Channel Scalper are following:
- A green arrow on the chart suggests the scalping trend is up.
- A red arrow on the chart suggest the scalping trend is down.
One thing you must be careful about is the fact that the trend does not always start at the very first candle after an arrow.
It fits all kinds of timeframes and currency pairs.
The indicator 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 Double Channel Forex Scalper indicator in MT4?
Copy and paste the iDoubleChannel_v1.5.ex4 or iDoubleChannel_v1.5.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 Double Channel Forex Scalper 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, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Double Channel Forex Scalper Indicator Free Download
To download the Double Channel Forex Scalper Indicator for Metatrader 4 (MT4) for free just click the button below: