Description: The trend channel indicator generates forex signals based on the current trend.
Use the indicator on the hourly timeframe and above. Yellow channel means sell and orange channel means buy.
How to use the indicator?
Go long as soon as the orange trend line appears on your charts. Place your stop loss 3 pips below the orange line and trail your stop loss 1 pip below the line to lock in your profits. Use the same technique for short trades (yellow trend).
File Name: chanel scalper .ex4
Metatrader 4 Screenshot:
EUR/USD Daily Chart
Features: Works on currency pairs, buy and sell signals, easy to trade, free licence, Metatrader 4 ready.
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Risk Disclosure: Trading forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.