The Intraday Channel Breakout Forex indicator for Metatrader 5 draws an intraday channel in the main chart and it can be used to trade price breakouts.
The indicator gets displayed as a green/gray/red horizontal line.
Understanding the Intraday Channel indicator:
- The green line marks the intraday session high price.
- The gray line represents the bull/bear middle line.
- The red line marks the intraday session low price.
In essence, we are only interested in price action above or below the green and red channel line.
The gray colored line will be used for stop loss placement.
The following indicator inputs and parameters can be modified: start time, end time.
For best view, the indicator should be applied to the 5-minute and 15-minute time frames.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It works for any currency pair (majors, minors, exotics) and time frame.
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The following chart shows how the Intraday Channel Breakout indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Intraday Channel Breakout Indicator?
Find a simple trading example below:
- A candle close above the green colored intraday channel line generates a buy signal.
- Execute a buy order and place a stop loss slightly below the gray middle line.
- Take profit at resistance levels, or utilize a fixed take profit target.
- A candle close below the red colored intraday channel line generates a sell signal.
- Execute a sell order and place a stop loss slightly above the gray middle line.
- Take profit at support levels, or utilize a fixed take profit target.
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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 Intraday channel breakout.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