The BSI Trend with Channel indicator for Metatrader 4 enables traders to identify trading signals that can’t be detected by other Forex indicators.
The indicator appears in the main MT4 chart window and works in both trending and range-bound market environments.
Key Takeaways:
- Trend signals indicator.
- Primarily based on channels and the Linearly Weighted Moving Average.
- Also works to find interesting breakout trades.
- Can be used in multiple ways.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
The BSI Trend with Channel indicator can be also used to confirm trading signals issued by other trading systems or strategies, or as an additional trend filter.
Free Download:
Download the “bsi-trend-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the BSI Trend with Channel indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Open a buy trade if the BSI channels are pointing to the upside (bullish trend) and price touches the lower blue dotted trend channel line.
Sell signal: Open a sell trade if the BSI channels are pointing to the downside (bearish trend) and price touches the upper orange dotted trend channel line.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trend + Breakout
Repaint? No.
Download Now:
Download the “bsi-trend-indicator.mq4” indicator for Metatrader 4
Installation:
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 bsi-trend-indicator.mq4 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.
