The Super Signals Forex Channel indicator for Metatrader 5 follows the trend and informs traders where to buy and sell FX pairs with great precision.
The indicator pops up in the main chart as a colored blue/pink trading channel wrapped around the candlesticks.
The colored green and red bullets that appear at the upper and lower channel lines are possible trade entries and exits.
How to spot market trends with the Super Signals Forex Channel?
- The trend is bullish when the Super Signals channel is sloping upward.
- The trend is bearish when the Super Signals channel is sloping downward.
The following indicator inputs and parameters can be modified: signal gap (4), period, colors, style.
For scalpers and day traders, the best results will be achieved during the London and American trading session.
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 Super Signals Forex Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Super Signals Forex Channel Indicator?
Find a simple trading example below:
- A buy signal occurs when price touches the red bullet and the Super Signals channel is sloping upward.
- Open a buy transaction and place your stop loss 3 pips below the Super Signals channel.
- Exit the buy trade when price touches the upper green bullet.
- A sell signal occurs when price touches the green bullet and the Super Signals channel is sloping downward.
- Open a sell transaction and place your stop loss 3 pips above the Super Signals channel.
- Exit the sell trade when price touches the lower red bullet.
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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 Super_Signals_Channel_V3.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