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The combination of moving averages makes up the SSL Channel Chart Alert indicator for MT4. The SSL stands for Semaphore Signal Level. It provides visual BUY/SELL trading signals.
The indicator gives you BULLISH or BEARISH trend signals depending on the intersection of the indicator lines. It is very useful for forex traders who use trend trading as a technical strategy.
The indicator doesn’t repaint so new forex traders can use it to receive alerts when the lines cross. The BUY and Sell signals are easy to understand.
The trend signals are useful in understanding the BULLISH or BEARISH market conditions. For advanced forex traders, it is possible to combine momentum indicators and oscillators to confirm trading signals and trade with confluence. The indicator is easy to download and install.
SSL Channel Chart Alert Mt4 Indicator Signals
This indicator displays the BULLISH/BEARISH trends in RED lines and GREEN lines.
Technical Forex traders can open a BUY trade once the GREEN line crosses the RED line upwards. The best stop loss is the previous swing low.
While the profit target is the opposite signal, This technical trading strategy uses the GREEN line to indicate a BEARISH trend. Forex traders can then place an SELL trade using a stop loss at the swing high. The profit target is at either the opposite signal or if there is a good risk/reward ratio.
The SSL Channel Chart Alert indicator for MT4 applies to all intraday timeframes as well as long-term timeframes such as daily, weekly, and monthly charts. However, signals generated in lower timeframes are not likely to signal a trend, so forex traders should use this technical trading strategy.
Forex traders should use multi-timeframes (mtf) to trade with a top-down approach. Higher timeframes are used by forex traders to identify larger trends, while lower time frames zero in on the best entry points.
Conclusion
The SSL Channel Chart Alert indicator for MT4 uses moving averages to generate an alert signal. This allows forex traders to trade the BUY or SELL signals easily in their auto trading forex strategies.
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