The VS Channel Trend V 1.0 Forex indicator for Metatrader 4 draws interesting channels and trend lines on the chart that act as support & resistance.
This versatile technical indicator can be used for channel trading, support & resistance price breakout trading, stop loss placement, take profit levels,.. and many more.
The indicator is very reliable, price action based, lightweight, and will not slow down your trading platform.
Indicator Example Chart (EUR/USD M5)
The example chart below shows the VS Channel Trend V 1.0 mt4 indicator in action.
Feel free to use your own favorite trade entry, stop loss and take profit method when trading with the VS Channel Trend V 1.0 Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
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 (first bar, delta bar), color settings & style
Indicator type: Channel
Does the indicator repaint? No.
How to install the VS Channel Trend V 1.0 indicator in 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.