Introduction to the P Channel Indicator
The P Channel Indicator is a custom forex technical analysis tool that consists of three elements: the mid-line and the two channel lines.
When it comes to understanding the basic trading rules with this one, it is pretty straightforward. Simply look for buy opportunities when the price is above mid-line and look for sell opportunities when the price is below mid-line.
Feel free to use it as a part of your trading system.
The indicator is displayed directly on the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Check also: Keltner Channel Indicator
How to set up the P Channel indicator in MT4?
Copy and paste the pchannel-indicator.mq4 or pchannel-indicator.ex4 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, that 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.
Click the link below:
The P Channel 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.