The Swing Trading Forex channel indicator for Metatrader 5 works best on the higher time frames and delivers low risk trade entries in any market.
It can be used as a buy on dips and sell in rallies trading strategy.
The Swing Trading Forex channel indicator uses a colored channel to determine buying and selling state:
- An upward sloping swing channel represents a bullish market trend.
- Look to buy the dip in the uptrend.
- A downward sloping swing channel represents a bearish market trend.
- Look to sell the rally in the downtrend.
Make yourself familiar with this technical indicator and test it first on a practice account for an extended period of time.
The Swing Trading Forex channel indicator can be applied to any trading instrument supported by the MT5 trading platform.
Configurable parameters and input settings: swing period, style.
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The following chart shows how the Swing Trading Forex channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Swing Trading Forex Channel Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the swing channel is sloping up and the candle touches the middle blue line from above.
- Open a buy trade and place a stop order below the low of the trading channel.
- Exit the buy trade as soon as price touches the upper green colored channel band.
- A sell signal is confirmed when the swing channel is sloping down and the candle touches the middle blue line from below.
- Open a sell trade and place a stop order above the high of the trading channel.
- Exit the sell trade as soon as price touches the lower light-violet colored channel band.
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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 PercentageCrossoverChannel_Cloud.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