Support and resistance line are present whenever you trade using channel rules just upon drawing a channel on your chart. The resistance line and support set the basis for your price, so when your price reaches them open a position in the opposite direction and start trading channels. Such way doesn’t deal with a specific strategy as channels are included in the Forex Strategy anyway. .
Here are five of the most useful channel based indicators that you will use in your trading strategy:
1. Silver Channels MT4 Indicator
Designed previously for Ichimoku, Silver Channels is a useful indicator that you can use in your trading strategy.
2. Price Channel Indicator
The Price Channel Indicator shows up 3 lines as you can see in the figure above. The usage of these lines is described as follows:
1. Lower Channel Line (blue) – Price bottom
2. Upper Channel Line (red) – Price High
3 Middle Channel Line (Pink) – Average channel price
3. SSL Channel Chart Alert
Just as simple as a single overlap of two lines, SSL Channel Chart Alert alerts you that there is a trend reversal according to this overlap.
4. SHI Channel True Indicator
Although SHI Channel True Indicator is an automated version of channel indicator and helps in detection and trading, it is not suggested to use it alone and you need to include another indicator in order for you to make a more precise strategy and optimize your trade.
5. Keltner Channel
Based on the moving average MT4 Indicator, Keltner Channel is used by many traders as a channel indicator and it has shown many successful trade examples.
Related Indicator: Linear Regression Channel MetaTrader 4 indicator
Related Source: Top 5 Channel Indicators
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