The LeMan Channel indicator for mt4 (Metatrader 4) reveals true trend direction for any pair and time frame with the help of a channel.
The indicator gets displayed in the main MT4 chart window in the form of a purple channel that’s wrapped around the candlesticks.
General Assumptions
- An upward-sloping LeMan channel indicates a rising trend.
- A downward-sloping LeMan channel indicates a declining trend.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “LeManChanel.mq4” indicator for MT4
Indicator Chart (EUR/USD M5)
The picture below shows the LeMan Channel mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the LeMan 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 (inputs tab), color settings & style
Indicator type: Trend Channel
Does the indicator repaint? No.
