Super Signals Channel Indicator
Platform: MT4 Type: Channel Last update: September 25, 2024The Super Signals Channel Indicator for MT4 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.
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.
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:
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:
