Forex channel indicator.
A fairly functional technical analysis indicator that allows you to create a
trend movement channel on the chart of the desired currency pair.
The Forex Channels indicator is based on plotting multiple parallel curves, significantly expanding its analytical capabilities.
Its operation is based on a moving average; you can easily adjust its parameters in the indicator settings, making the script more efficient.
The price channel constructed using a somewhat unusual approach. Upon launch, the Forex channel indicator draws three support and three resistance levels simultaneously. Additionally, there's a baseline, which serves as the primary reference point for price movement. The different color schemes of the levels also help you navigate the situation.
Looking at the chart with the indicator installed will immediately clarify the strategy for its application, and good results can be achieved even using the default settings.
For example, the figure clearly shows that the market is in an uptrend, so opening a buy trade is more rational if the price deviates downward from the baseline.
The best moment to open a trade is when the price reverses at the third or second support line.
The advantage of the Forex channel indicator is its versatility; this tool is ideal for use in strategies based on breakouts, trend following, or any combination of the three.
