Fractal Channel Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the Fractal Channel Indicator

The Fractal Channel Indicator provides a continuous channel formed by connecting the successive Up and Down fractals. As the name suggests, the indicator is based on fractals, which were originally introduced by Bill Williams. An Up-Fractal is a series of 5 consecutive bars with the highest high in the middle and two lower highs on both sides. Similarly, a Down-Fractal is a series of 5 successive bars with the lowest low in the middle and two lower lows on both sides.

The Fractal 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.

Closer look on the Fractal Channel Indicator

When you load up the indicator in your MT4 platform, you will see two bands that together define a price channel. These bands act as short-term support and resistance levels. The red band works as a resistance level, and the blue band is considered a support level. The best trading signals occur when the price breaks through these bands, indicating possible start of a longer-term trend.

Buy Signal

Some tips for long trades:

Price breaks through the red band
Possible up-trend starts
Re-entries can be found at the rejection of the blue band
Exit trade when opposite breakout happens

Sell Signal

Some tips for short trades:

Price breaks through the blue band
Possible down-trend starts
Re-entries can be found at the rejection of the red band
Exit trade when opposite breakout happens

How to set up the Fractal Channel indicator in MetaTrader (MT4)?

Installation Guide

Download the Fractal Channel.rar archive at the bottom of this post, unpack it, then copy and paste the Fractal Channel.ex4 or Fractal Channel.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.

Summary Of That Forex Indicator

The Fractal 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 MT4 indicators to download and try.