Introduction to the Super Signals Channel Indicator
The Super Signals Channel Indicator is, as the name suggests, a channel-based forex trading indicator. That gauge consists of dual bands that work as dynamic support/resistance levels and buy/sell arrows as signal triggers. Due to the nature of the indicator, it works best during market consolidations and sideways movement.
The Super Signals 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.
A signal takes place at the rejection of a band. You can often notice a pin bar as the result of band rejection. It’s good when a bullish candle is formed after the rejection of the upper band, and similarly, it’s a good omen when a bullish candle is formed after the rejection of the lower band. After all, you don’t need to spot these candlestick patterns by yourself as you can count on the arrows to confirm an order.
Super Signals Channel Indicator: Buy Signal
Follow these steps for a long trade:
- The price hits lower band (green one) and rejects it
- An upward arrow is plotted on the chart
- Buy trade is now triggered
- Set stop loss a few pips below the green band
- Take profit after the price hits upper band and sell arrow is plotted
And another example:
Super Signals Channel Indicator: Sell Signal
Follow these steps for a short trade:
- The price hits upper band (red one) and rejects it
- An downward arrow is plotted on the chart
- Sell trade is now triggered
- Set stop loss a few pips above the red band
- Take profit after the price hits lower band and buy arrow is plotted
And another example:
How to set up the Super Signals Channel indicator in MetaTrader (MT4)?
Download the Super Signals Channel.rar archive at the bottom of this post, unpack it, then copy and paste the Super Signals Channel.ex4 or Super Signals 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 Super Signals 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.
Download Free Forex MT4 Super Signals Channel Indicator
To download the Super Signals Channel Indicator for Metatrader 4 (MT4) for free just click the button below: