Related Source: Top 5 Channel Indicators
Trading by channel rules is very simple, after you draw channel on your chart you get support and resistance line. After that you wait price to reach support or resistance line and open position in opposite direction. You should trade channels no matter what kind of strategy you trading with, channels should be part of any Forex strategy.
You can download Top 5 Indicators pack at the bottom of this post.
I try to collect few useful channel based indicators, I’m sure you will find few of them useful for your trading strategy. So let’s see channel MT4 indicators:
1. Silver Channels MT4 Indicator
Silver Channels is originally designed for Ichimoku indicator, but you can include it in your strategy.
2. Price Channel Indicator
As you can see Price Channel indicator have three linies:
1. Lower Channel Line (blue) – Price bottom
2. Upper Channel Line (red) – Price High
3 Middle Channel Line (Pink) – Average channel price
Traders use lower line as support, upper as resistance
3. SSL Channel Chart Alert
This simple channel indicator helps you to detect trend reversal. When you see two lines overlap you can open your position.
4. SHI Channel True Indicator
SHI Channel is automated version of channel indicator. I don’t suggest you to trade with SHI alone, you need to include it in your strategy as another helpful indicator which will help you to become much successful trader.
5. Keltner Channel
Keltner Channel is volatility-based based on moving average MT4 indicator. Keltner Channel is similar to Bollinger Bands, some of trader use it as channel indicator.
More Channel MT4 indicators on FMTI:
(Explore more channel based indicators which we add previously)
Important: I don’t suggest you to trade using only channel indicator. Channels are only useful if you integrate them in your strategy.
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