Volatility Step Channel is a free Metatrader 4 trend-following Forex bands indicator that can be used for trade entries and exits.
The indicator appears in the main MT4 chart window as 3 colored lines: the middle band + 2 outer bands.
Tip: The Volatility Step Channel indicator can be used to scalp the currency market multiple times a day as follows:
- Open a buy scalper trade when price reaches the lower dotted gray band and the Volatility Step Channel is sloping upwards.
- Open a sell scalper trade when price reaches the upper dotted gray band and the Volatility Step Channel is sloping downwards.
- Aim for 5 – 15 pips profit per trade.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Indicator Example Chart (EUR/USD H1)
The example chart below shows the Volatility Step Channel mt4 indicator in action.
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade when using the Volatility Step Channel Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (fast period, slow period, mode, scale factor), color settings & style
Indicator type: Channel
Does the indicator repaint? No.
How to install this indicator on Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.