The P Channel Trading forex indicator consists of a mid line and upper and lower channel line.
All together creates a trading channel that can be used for trading any currency pair.
The Basics
- Price trending up: the P Channel indicator is pointing to the upside (look to buy)
- Price trending down: the P Channel indicator is pointing to the downside (look to sell)
Channel trading can be used for scalping, day trading and swing trading currencies.
Free Download
Download the “pchannel.mq4” MT4 indicator
Example Chart
The GBP/USD H1 chart below displays the P Channel Trading forex indicator in action.
Basic Trading Signals
Signals from the P Channel Trading forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a long trade position when the P Channel indicator is pointing up (bullish price action) and the price hits the mid line or lower channel line (buy on dips).
Sell Signal: Open a short trade position when the P Channel indicator is pointing down (bearish price action) and the price hits the mid line or upper channel line (sell on rallies).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download
Download the “pchannel.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Range) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Signals
Installation
Copy and paste the pchannel.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)