The Super Channels Forex indicator for Metatrader 5 draws major and minor trend channels on the price chart with great accuracy.
- A bullish trading channel is colored in blue.
- A bearish trading channel is colored in red.
You can easily combine this trading tool with additional indicators for precise trade entry.
It’s worth noting that the Super Channels indicator works on pure price action and does not lag the price.
The indicator offers the following customizable inputs and parameters: auto-update channels, time frames used, colors, and more.
Test the indicator first on a demo account before using it on a real trading account.
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Channels Indicator MT5.mq5 Indicator (MT5)
Chart Example
The image below shows how the Super Channels indicator looks when applied to the MT5 charting platform.
How To Buy And Sell Forex Pairs With The Super Channels Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the super channel is colored green.
- Open a buy market order and place your stop loss below the blue-colored super channel.
- Reverse the buy position promptly when the super channel turns back to red color.
Sell Signal
- A sell signal is given when the super channel is colored red.
- Open a sell market order and place your stop loss above the red-colored super channel.
- Reverse the sell position promptly when the super channel turns back to blue color.
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Channels Indicator MT5.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Channels Indicator MT5.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration