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Channel Breakout Indicator

In Forex, most of the traders look for different channels, so that they can trade on their breakout or reversal or it could be there own technique which requires them to analyze a channel. So, we present you a unique indicator which will show you channels based on number of bars.

The technique is quite efficient, since it tries making profit when the market crashes!! How...? You can clearly see the market crashes using this indicator and also you can enter those by using pending orders.

You can invent your own technique out of it.


Description

In our indicator we provide 2 channels. 2 on higher breakout and 2 on lower breakout.

Timeframe: It will take the current one.

Pair: any.


Settings

  • Channel 1: Give an integer value, it shows higher and lower breakout value for that many number of bars.
  • Channel 2: Give an integer value, it shows higher and lower breakout value for that many number of bars.


How to Trade

You can use it to open either market or pending orders.

The channel will show the lowest and highest channel lines based on the setting you have given.

On the highest, you can open a BUY order or BUYSTOP. So once it is hit, you will have a buy position on the market. Your SL could be based on your risk appetite. You can use trailing or lowest channel for SL or it could be your own SL technique.

On the lowest, you can open a SELL order or SELLSTOP. So once it is hit, you will have a sell position on the Market. Your SL could be based on your risk appetite. You can use trailing or highest channel for SL or it could be your own SL technique. The main concept for the channel is to enter the market.

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