Introduction to the Trend Channels Indicator
The Trend Channels indicator is a custom forex tool that plots colorful trend channels directly on the main trading chart.
You should look for buy opportunities when price reacts from lower trendlines, and similarly, you should look for sell opportunities when price reacts from upper trendlines.
This indicator places a lot of channels and it may be confusing for some traders.
It fits most kinds of timeframes and currency pairs.
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.
How to set up the Trend Channels indicator in MT4?
Download the Trend Channels.rar archive at the bottom of this post, unpack it, then copy and paste the Trend Channels.ex4 or Trend Channels.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.
The Trend Channels 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.
Download Free Forex MT4 Trend Channels Indicator
To download the Trend Channels Indicator for Metatrader 4 (MT4) for free just click the button below: