The Percentage Crossover Channel Metatrader 5 custom forex indicator is a channel that is built on price percentage deviation from the previous channel middle line value.
It is the percentage deviation that determines the width of the channel.
The indicator has three lines:
- Upper Percentage Crossover Channel (green)
- Middle Percentage Crossover Channel (blue)
- Lower Percentage Crossover Channel (magenta)
The percentagecrossoverchannel MT5 forex indicator offers two inputs parameter variables:
Percentage price deviation from the indicator previous value – defines the previous value calculation for its % price deviation.
Horizontal shift of the indicator in bars – defines the horizontal indicator shift counted in bars.
The EUR/CAD H4 chart below displays the Percentage Crossover Channel Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price opens and closes above the middle blue line of the indicator, while trading along the upper outer channel (green line) of the indicator.
Sell Signal: Go short when price opens and close below the middle blue line of the indicator, while trading along the lower outer channel (magenta line) of the indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price closes below the middle blue line of the MT5 forex indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price closes above the middle blue line of the MT5 forex indicator.
Tips: Combining volume and volatility technical indicators, alongside the Percentage Crossover Channel MT5 fx indicator will yield a balance day trading or swing trading strategy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Percentage price deviation from the indicator previous value, Horizontal shift of the indicator in bars), 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 percentagecrossoverchannel.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)