The MPC Channel Breakout Metatrader 5 custom forex trading indicator is based on the channel breakout.
The inherent rule still applies here, where a long entry is initiated when the price displays new N days maximum, a short entry is initiated when the price displays new N days minimum.
The MPC MT5 forex indicator allows us to predict the trend direction of any currency pair.
The lag that is witnessed with most channel indicators is eliminated with this trading indicator.
The MPC does this by simply plotting a channel using extremums of the specified period.
The Middle MPC, Upper MPC and Lower MPC are represented by red, magenta and aqua filled lines respectively.
The USD/CHF M30 chart below displays the MPC Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price open and closes above the Middle MPC (red) Metatrader 5 forex indicator line, while also trading along the Upper MPC (magenta) line.
Sell Signal: Go short when price open and closes below the Middle MPC (red) Metatrader 5 forex indicator line, while also trading along the Lower MPC (aqua) line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price closes below the Middle MPC (red) indicator line.
Exit sell trade: Close all sell orders if while a bearish trend I ongoing, price closes above the Middle MPC (red) indicator line.
Tips: The MPC indicator is able to help long-term traders stay in the market for longer periods and still remain profitable.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Period, Shift), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the mpc.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)