Forget about channel drawing by hand. This channel MTF Indicator for MT4 will draw you channel in multi timeframe and help you with finding you potential Support & Resistance lines.
Indicator will show you most relevant channels on chart. Additional to this it is MTF (Multi TimeFrame Compatible) so that you can place Channel for example 5min, 60min, 240min charts all at once. It will have different color as well. With this Channel MTF Indicator you can target brake of the channel or Reversal on channel lines. Usually it is good advice to put your current time frame Channel and two additional channels on higher timeframes on the chart. This way you have some prediction on where the PA (Price Action) might move.
But watch out dont take the channel for granted. It might just as easy brake then bounce. So make sure you have other options with which you can double check your entry. There are ton of other indicators and options where you can get the confirmation.
This are the available settings for channel MTF Indicator:
- Timeframe: set timeframe of the channel if 0 is set that means current timeframe
- AllBars: set how many bars you want to check back
- BarsForFract: set how many bars you want for the calculation
How to install channel MTF Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!