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 is 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, and end time.
For the best view, the indicator should be applied to the 5-minute and 15-minute time frames.
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
It works for any currency pair (majors, minors, exotics) and time frame.
Free Download
Intraday channel breakout.mq5 Indicator (MT5)
Chart Example
The following chart shows what 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:
Buy Signal
- 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.
Sell Signal
- 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.
