Keltner Channel Color Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the Keltner Channel Color Indicator

The Keltner Channel Color Indicator is a variation of the well-known Keltner Channel, but this gauge displays a colorful channel that reminds a cloud. It’s pretty easy to use because the color of the channel suggests the direction of a trade.

The Keltner Channel Color 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.

Anatomy of the Keltner Channel Color Indicator

As the name suggests, the Keltner Channel Color Indicator provides a channel a bit in the form of a trend-following cloud. Simply speaking, a green color indicates bullish market movement, and conversely, an orange color suggests bearish movement. There is another important element, namely a dark moving average line – you should only look for long trades when the price is above it, and only for short trades when the price is below it.

Keltner Channel Color Indicator: Buy Signal

Follow these steps for a long trade:

The color of the channel changes from orange to green
The price is above the dark MA
Buy trade is now triggered
Set stop loss a few pips below the most recent market low point
Take profit when channel changes color again or use your own method of trade exit

Keltner Channel Color Indicator: Sell Signal

Follow these steps for a short trade:

The color of the channel changes from green to orange
The price is below the dark MA
Sell trade is now triggered
Set stop loss a few pips above the most recent market high point
Take profit when channel changes color again or use your own method of trade exit

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

Installation Guide

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