SSL Channel Chart Alert Indicator MT4

MT4 Free Download

The SSL Channel Chart Alert Indicator MT4 is an amalgamation of moving averages that operates based on the concept of Semaphore Signal Level (SSL). This indicator offers clear visual signals for both buy and sell trades. By observing the crossover of the two signal lines, forex traders can identify bullish and bearish trend signals. That forex indicator is free to download.

Sounds interesting? Let’s take a closer look at it.

SSL Channel Chart Alert Indicator: Introduction

MT4 Indicator Overview

The download link of the SLL Channel Chart Alert MT4 indicator is placed at the bottom of this post. Once you’re done, your Metatrader 4 trading chart should look similar to the example below.

SSL Channel Chart Alert Indicator Example Chart 1

The SSL forex indicator proves highly advantageous for traders employing trend trading technical strategies, as it enhances their ability to make informed trading decisions. An intriguing aspect of SSLs is their ability to provide both entry and exit signals.

As previously discussed, when the SSL lines intersect (subject to confirmation from other indicators), it presents an opportunity to enter a trade and potentially ride a favorable price trend. Similarly, the SSL lines will converge and cross once more, indicating an impending change in price direction. If you happen to be in a trade at this point, it serves as a signal to exit the trade. This dual functionality of SSLs contributes to effective trade management.

SSL Channel Trading Strategy

The SSL indicator aims to indicate when a price trend is undergoing a change. But how does it actually function?

Upon testing the SSL indicator, you will discover instances where it reveals compelling price trends. It is important to keep in mind that when the two lines intersect, the SSL indicator signifies a shift in the direction of price movement. This crossover can be employed as an entry signal, provided that you possess a strong conviction that this change or reversal is likely to evolve into a sustained trend. Engaging in thorough testing allows you to gauge the reliability and effectiveness of the SSL indicator in your trading strategy.

SSL Channel Chart Alert Indicator Example Chart 2

Combining SSL Channel Chart Indicator With Other Technical Analysis Indicators

Occasionally, you may observe that the SSL indicator can lead to unproductive outcomes that result in financial losses. This tends to occur when the SSL detects changes in direction that fail to materialize into actual trend changes.

However, it is possible that these losses can be balanced out by the gains achieved when the SSL successfully identifies a trend. Nevertheless, it is still advisable to minimize these losses, and one way to achieve this is by combining the SSL indicator with a second indicator that helps mitigate some of these losses without hindering your ability to capitalize on gains.

The most effective approach is to pair the SSL indicator with a volume or volatility indicator, and certain strategies also recommend incorporating a momentum indicator. Common examples of indicators frequently paired with SSL include the Average True Range (ATR), the Relative Strength Index (RSI), a volume oscillator, and a stochastic indicator. Regardless of the indicator chosen, the desired outcome is for this additional indicator to provide insights into whether a change in price direction signaled by the SSL indicator possesses the strength to evolve into a price trend. By combining these indicators, you can enhance your ability to make informed trading decisions and improve your overall trading performance.

How to set up the SSL Channel Chart Alert indicator in MT4?

Installation Guide

Download the SSL Channel Chart Alert Indicator MT4.rar archive at the bottom of this post, unpack it, then copy and paste the SSL Channel Chart Alert.ex4 or SSL Channel Chart Alert.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.

Bottom Line

The MT4 SSL Channel Chart Alert indicator is a MetaTrader indicator that relies on moving averages and offers a non-repainting feature. It generates alert signals whenever there are changes in bullish or bearish trends. This indicator enables forex traders to conveniently execute buy and sell trades using the signals and integrate them into automated forex trading strategies. To achieve optimal outcomes, it is recommended for forex technical traders to complement the indicator with other technical analysis gauges. Moreover, that forex indicator can be downloaded free of charge and installed effortlessly by traders.