The Standard Deviation Channel indicator for Metatrader 5 follows the trend and can deliver multiple profitable trade entries and exits on a daily basis.
How does the channel deliver trend direction?
- An upward sloping Standard Deviation Channel represents a bullish market.
- A downward sloping Standard Deviation Channel represents a bearish market.
The indicator allows customization of the following parameters and settings: start bar, bars for calculation, inner channel multiplier, outer channel multiplier.
The Standard Deviation Channel can be used as a standalone trading tool for both buy and sell trades.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Standard Deviation Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Standard Deviation Channel Indicator?
Find a simple trading example below:
- A buy signal is formed when the candle touches the first blue colored line below the blue dotted middle line (see chart example above).
- The standard deviation channel should be trending upward.
- Execute a buy trade and place a protective stop below the lower blue standard deviation channel line.
- Exit the buy trade when the price reaches one of the two upper blue channel lines shown above the blue dotted middle line.
- A sell signal is formed when the candle touches the first blue colored line above the dotted middle line.
- The standard deviation channel should be trending downward.
- Execute a sell trade and place a protective stop above the upper blue standard deviation channel line.
- Exit the sell trade when the price reaches one of the two lower blue channel lines shown below the blue dotted middle 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 StandardDeviationChannel.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