You can now download the High Low Channel Forex Indicator for free on AtoZ Markets indicators gallery. The indicator draws the High and Low of the last X bars on your chart. The High Low Channel Forex Indicator is based on the 15M, 30m or 1H charts. Thus, it is not suitable for the ultra-short trades such as the 1M, 2M or 5M option.
High Low Channel Forex Indicator works well on 15M, 30M, 1H, and 4H time frames and any currency pair.
How to trade with High Low Channel Forex Indicator?
This strategy is based on following the trend of the channels by setting up trades off the channel lines that support the trend move. In other words, you trade off the channel support line in an upward trend, or off the channel resistance line in a downward trend.
Calculated Bars: Averaging period for calculation
Deviations in Pips: Number of standard deviations from the main line.
The charts are set up as follows:
- The Indicator: Attach the Channel tool in its defaults setting to the chart. Perform the trace as described.
- Time Frame: 15M, 30M or 1H.
- Can be traded with any asset.
Visually identify a section of the chart where the price is trending up or down, then apply the channel tool and see if this channel will fit the highs and lows as described above.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “High Low Channel Forex Indicator” template to apply it on the chart.
Note: This indicator was developed by quivofx. AtoZ Markets does not carry any copyrights over this trading tool.