The Pips Counter Channel Forex indicator for Metatrader 5 draws a high/low price box for your chosen time range and counts the pips within that time span.
The indicator gives you an handy overview on market volatility and you can also use it for high/low range price breakout trades.
How to trade with it?
- Buy a break above the previous high price box level.
- Sell a break below the previous low price box level.
The following indicator inputs and parameters can be modified: begin trade day hour, end trade day hour, draw channel size, label size, color, font name.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
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The following chart shows how the Pips Counter Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Pips Counter Channel Indicator?
Find a simple trading example below:
- A buy signal occurs when the candle closes above the previous box high price.
- Open a buy trade and set a stop order below technical support.
- Exit the buy trade for a fixed profit target.
- A sell signal occurs when the candle closes below the previous box low price.
- Open a sell trade and set a stop order above technical resistance.
- Exit the sell trade for a fixed 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 ChannelInd.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