Forex channels indicator, automatic construction of price channels

A fairly advanced indicator that allows you to simultaneously display multiple channels on a currency pair chart, each corresponding to its own time frame.

This approach makes it possible to easily analyze the dynamics of the trend movement in the long and short term.

Automatically plotting channels using the Channels Forex indicator will save you a ton of time and help you achieve more impressive trading results.

The tool is characterized by its correct operation and easy setup; to use it, you only need to enter data for three time periods.

The lines that act as channel boundaries also act as unique price levels, a property that makes it possible to use them when trading pending orders.

After installing the Channels indicator, three price channels should appear on your terminal screen. For ease of reading, the resistance lines have blue ends and the support lines have red ends. You can customize all visual settings to suit your needs.

In addition, the thickness of the lines also varies, depending on the duration of the time interval.

Features of the settings.

The time frame length is specified in minutes, meaning that to create a channel on the M30 time interval, you should specify the number 30 in the range settings.

period1 – is responsible for the size of the shortest time interval, and therefore the narrowest channel.

Period2 – the second time range.

Period3 – width of the third price channel.

For ease of trading, it's recommended to specify a lower timeframe in the first case, the one being traded in the second, and a higher timeframe in the third. The Channels Forex indicator is essentially designed for trading using the three-screen strategy, but in a slightly improved version that includes the construction of price channels.

This tool is quite versatile and can be used in almost any Forex strategy a trader chooses.

From my own experience, I can say that the channels forex indicator shows excellent results in such strategies as scalping ( pipsing ), breakout trading, reversal trading, and some other options.

Download the channel forex indicator.

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