The Leading Forex Channel indicator for Metatrader 5 is less lagging the price and creates a buy & sell trading channel in the price chart.
The leading channel consists of the green pivot line and accompanying support and resistance levels.
The Leading Forex Channel indicator should work well for any currency trader, regardless of prior trading experience.
How to define the market bias with it?
- A candle close above the green pivot line is considered bullish.
- A candle close below the green pivot line is considered bearish.
The following indicator inputs and parameters can be modified: samples, look ahead, level 1, level 2, colors, line style.
This channel indicator can be used as a standalone buy & sell technical tool.
Make yourself familiar with this technical tool and test it first on a practice account until you fully understand how it works.
It works for any trading instrument supported by the MT5 trading platform.
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The following chart shows how the Leading Forex Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Leading Forex Channel Indicator?
Find a simple trading example below:
- A buy signal is given when the candle closes above the green pivot line from below.
- Initiate a buy order and set the stop loss below the red dotted support channel line.
- Take profit at the upper red or blue dotted resistance line.
- A sell signal is given when the candle closes below the green pivot line from above.
- Initiate a sell order and set the stop loss above the red dotted resistance channel line.
- Take profit at the lower red or blue dotted support line.
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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 GRFLeadingEdge.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