Currency Channel Indicator
Currency Channel indicator is an exclusive indicator to trade major forex pairs.
The indicator draws on your main chart a channel with two lines.
Price action should take place between the 2 lines, in the channel (see screenshot attached).
Global direction of market (up or down is statistical reliable 95% of the time).
Positioning of channel is not always as accurate as in the screenshot attached.
Main inputs of the indicator are:
- MaxBars: number of bars to be drawn in the chart starting with the current bar
- SymbolPrefix: prefix used by your broker for symbols (for instance mEURUSD means prefix is m)
- SymbolSuffix: suffix used by your broker for symbols (for instance EURUSDx means suffix is x)
The indicator will only work with major pairs since we only are able to model forecast for major Forex pairs.
You can trade using:
- the main direction of the channel (up or down) to BUY or SELL
- enter for a SELL when price is near or above upper channel
- enter for a BUY when price is near or below lower channel
The indicator can be used with any timeframe.
We recommend to use H1 and higher timeframes to see the global picture of market action.