ChannelPro is a channel indicator and also a self-sufficient trading system. The indicator algorithm is formed by an extended trading channel (blue lines), as well as trading signals in the form of arrows. A down arrow (red) is a signal for selling or closing a previously opened buy position, an up arrow (green) is a signal for buying or closing a previously opened sell position. The indicator displays an approximately estimated profit in points in the upper right corner. The indicator is set in the usual way.
- works with any trade symbol
- works on any timeframe
- can be used as a trading strategy for common trading, scalping or trading binary options
Recommendations on working with the indicator
Trading is performed inside the channel by arrow signals. While trading in the channel, you can apply a profitable averaging strategy, when a number of trades are opened in the direction of the main trend. They are closed when the total take profit is achieved. You may open trades in both directions, when the price touches the opposite border of the channel. This mainly applies to the channels located at the angle of 45° or lower. However, if the channel is located at a more acute angle, it is recommended to open trades exclusively in the direction of a trend. Another advantage of trading in the channel is lesser risk. A stop loss is set outside the channel's borders at a small distance from the Open price, which makes trading within the channel more safe.