The Keltner Channel Forex indicator for Metatrader 5 is based on market volatility and can help in determining buy/sell trend direction.
The indicator consists of 2 red colored outer bands and a green dotted middle band.
How to spot bull and bear trends with the Keltner bands?
- Trend direction is upward when the Keltner bands are sloping up.
- Trend direction is downward when the Keltner bands are sloping down.
The Keltner Channel indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: period, channel multiplier, use ATR, MA mode, price type
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Keltner Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Keltner Channel Forex Indicator?
Find a simple trading example below:
- A bullish signal is given when the Keltner bands are sloping up and price touches the middle green band from above.
- Open a buy trade and set your stop loss below the lower red band (buy on dips).
- Close the buy trade near prior key resistance, or use your own take profit strategy.
- A bearish signal is given when the Keltner bands are sloping down and price touches the middle green band from below.
- Open a sell trade and set your stop loss above the upper red band (sell on rallies).
- Close the sell trade near prior key support, or use your own take profit strategy.
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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 KeltnerChannel.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