Trend channel indicator.

A fairly simple script that allows you to automatically perform construction, and the word “simple” is not a drawback of this tool, but only refers to the ease of use.

The trend channel indicator allows you to quickly and without additional settings build a price channel on the required time frame. To get started, you just need to download and install the script in your trader’s trading terminal

Download the trend channel indicator.

After you install and launch this technical analysis tool, three lines will appear on your chart.

Support line – it is the first from the bottom and runs along important price lows.

The resistance line is the highest, characterizing significant highs on the working Forex time frame .

The central line is an assistant when making transactions; in the photo it is yellow and runs in the middle.

The indicator has only three settings, this is the duration of the time period on which the “Period” analysis is carried out and the colors of the trend lines - sup_line - support and resistance lines , main_line - middle line.

The main advantage of the trend channel indicator is the ability to dynamically redraw the channel, taking into account changes in the situation on the Forex market.

The trading strategy using the trend channel indicator is familiar to almost any Forex trader and is also distinguished by the ease of receiving entry signals.

• Long trades – trend reversal at the support line and upward movement.
• Short trades – a reversal at the resistance line and a gradual decrease in price.
• Closing transactions is a recommended option at the middle line, more profitable and risky at the opposite border of the trend channel.

This indicator can also be used in almost any Forex strategy .