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The best Metatrader indicator is the Auto channel indicator for MT4. It draws an equidistant channel instantly. Furthermore, it displays the slope of each channel to indicate BULLISH or BEARISH conditions.
The channels act as support and resistance, and offer the best entry points. The indicator has a good risk-reward ratio because the stop loss is usually small in comparison to the take-profit.
For new forex traders, drawing an equidistant chart automatically is extremely useful. Also, new forex traders often have difficulty plotting them.
The support and resistance provided for by the Auto Channel indicator for MT4 helps the traders. On the other side, advanced forex traders can include ascending or descending channels in any type of technical trading strategy.
For advanced traders, the indicator can be used to trade trend and counter-trend trading strategies. FX traders can also download the indicator free of charge.
Auto Channel Mt4 Indicator Signals
The EURCAD M15 chart depicts the Auto Channel Indicator for MT4 working in action. It plots outer channel lines as GREEN and midline lines as dotted GREEN. When the price touches these lines, the indicator plots a RED line. Moreover the chart also displays the channel size and slope as comments.
Forex traders can place BUY trades at the lower channel if there is an ascending channel. This channel acts as support and signals a BULLISH Market. Forex traders can also place a stop loss at the lower channel below the swing low to target profit targets at the next resistance.
As a BEARISH trend, forex traders are able to trade SELL positions at either the top or bottom of a descending channel. The best entry point is at the top which also acts as s resistance. Forex traders have the option to place Stop-loss at the top and target a take profit target at a support level below the previous high.
A reversal candle should accompany all entry points to confirm price action. A bullish candle should be used for a buy signal. Conversely, a bearish candle should be used for a sell signal.
This indicator can be used on intraday, daily, weekly, or monthly charts. Price action can be used to confirm the BUY AND SELL signals.
Conclusion
The Auto Channel Indicator MT4 should be a permanent tool in any technical forex trader’s arsenal. The indicator automatically draws channels which show the BEARISH/BULLISH market conditions.
It also automatically provides support and resistance that double as profit targets in this technical trade strategy. Easy to use and free to download, the indicator also makes it easy to install.
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