The Price Channel Stop indicator for Metatrader 5 is a popular trading signals tool that works out of the box for any trader.
It appears as a blue and orange colored cloud in the price chart and follows the best trend for any time frame at any given moment.
Price Channel Stop can be used by scalpers, day traders and swing traders in every trading session.
How does the indicator generate buy and sell signals?
- The appearance of the blue colored cloud generates a buy trade.
- The appearance of the orange colored cloud generates a sell trade.
The following indicator inputs and parameters can be modified: channel period, risk (0.3).
Price Channel Stop works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
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 Price Channel Stop Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Price Channel Stop Signal Indicator?
Find a simple trading example below:
- The blue colored price channel cloud represents a buy signal.
- Initiate a buy order and place your stop loss below the blue colored cloud.
- Close the buy trade for a fixed take profit target or hold the trade until the orange colored price channel cloud pops up on the chart.
- The orange colored price channel cloud represents a sell signal.
- Initiate a sell order and place your stop loss above the orange colored cloud.
- Close the sell trade for a fixed take profit target or hold the trade until the blue colored price channel cloud pops up on the chart.
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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 Price channel stop.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