The Turbo Trader Channel Forex system for Metatrader 5 delivers valuable trading signals based on a trend channel and colored candlesticks.
This trading system caters to scalpers, day traders, and swing traders, accommodating different trading styles.
To identify the overall trend using the Turbo Trader channel:
- An upward sloping turbo channel indicates an uptrend.
- A downward sloping turbo channel suggests a downtrend.
To signal a buy trade, the candle color shifts to blue, while a sell signal is indicated by a pink color.
Make yourself familiar with this trading system and test it first on a practice account for an extended period.
The Turbo Trader Channel Forex system can be utilized with any trading instrument supported by the MT5 trading platform.
Users can customize the system through configurable parameters and input settings such as period (20), shift, and colors.
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The following image shows how the Turbo Trader Channel Forex system looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Turbo Trader Channel Forex System?
Find a simple trading example below:
- A buy signal is triggered when the candle changes to blue color and breaks through the upper channel line.
- Open a buy trade and place a stop order below the previous swing low zone.
- Exit the buy trade for a fixed take profit target of your preference.
- Alternatively, wait for a bearish trend reversal signal.
- A sell signal is triggered when the candle changes to pink color and breaks through the lower channel line.
- Open a sell trade and place a stop order above the previous swing high region.
- Exit the sell trade for a fixed take profit target of your preference.
- Alternatively, wait for a bullish trend reversal signal.
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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 pchannel_system.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 in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration