The Price Channel Stop Metatrader 5 forex indicator is a technical tool that generates market entry alerts (displayed in the form of large colored dots).
The indicator draws the line of stop loss orders positioning by implementing the lime dotted colored line for long positions and the magenta dotted colored line for short ones.
There are four input parameters that are available on the Price Channel Stop MT5 forex indicator:
- ChannelPeriod – defines the adjustable values of the channel period
- Risk – defines the calculation risk value
- Signal: defines if a signal should be printed on the activity chart (yes/no)
- Line: defines if a line should connect the indicator dots (yes/no)
The EUR/JPY H1 chart below displays the Price Channel Stop Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime colored dotted line of the Price Channel Stop Metatrader 5 custom forex indicator gets placed below the candlesticks.
Sell Signal: Go short when the magenta colored dotted line of the Price Channel Stop Metatrader 5 custom forex indicator pops up above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a magenta signal dot of the Price Channel Stop forex indicator gets on display.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a lime signal dot of the Price Channel Stop forex indicator gets on display.
Tip: Trading the Price Channel Stop MT5 forex indicator along with oscillators and momentum indicators is profit yielding for long and short term traders including scalpers, day traders and swing traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Channel Period, Risk, Signal, Line), 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 pricechannel_stop.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)