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Auto Channel Indicator is a neat indicator that is designed to help you draw reliable trading channels so that you can easily identify solid trading range on various Forex pairs across different timeframes. Channel is one of the more reliable trading tools, which is widely used by financial traders all over the world. in their trading regardless of whether they are price action or indicator traders. Channel can be used as guidance for support and resistance.
Since support/resistance is the most basic thing of trading, financial traders cannot ignore it. Once we can draw a channel in the right way, it gets easy for us to take a trading decision. However, it needs practice, experience, and time to draw a Channel on the chart.
Auto Channel Indicator for MT4
We are happy to share with you an indicator that is made for MT4, The Auto Channel Indicator which draws the channel by itself. It spots out at least two higher highs and one lower low to draw an ascending channel.
The channel is drawn on two higher highs and one lower low. The upper band is the level of resistance and the lower level is the level of support. The line in between is the median line. In an ascending channel, the buyers are to look for a bullish reversal candle at the level of support to go long.
Look at the last candle on this chart. It comes out as a strong bullish reversal candle, the buyers may trigger a long entry right after the candle closes by setting stop loss below the level of the channel’s support (lower band).
Auto Channel Indicator for MT4
Simple Entry and Exit Rules that you can follow…
Exit: Traders take the exit once the price reaches the upper band.
In a bearish market, sellers to take entry upon a bearish reversal candle at the level of resistance (upper band).
Exit: The sellers are to take an exit once the price reaches the lower band.
A trader may consider buying at the level of support in a descending channel or a seller may sell in an ascending channel too. This may not offer a lucrative risk-reward all the time. If it does, then there is no harm in buying on a descending channel or selling in an ascending channel.
If you like this strategy, then you have to check out one of our most favorite reversal strategy, The Powerful Super Forex Launcher.
Recommended Time Frames
Technically speaking, you can use this MT4 indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the H4 for better consistency.
