If you are interested in channel trading, this article may be useful. I will tell you about the Super Signals Channel indicator. It draws two broken lines on the chart, which show the range of price movement. This channel can be successfully used in your trading. In addition, you can see the arrows on the chart. They indicate the optimal entry points into the market. The indicator works well on any trading instruments and timeframes. It needs to be installed in MT4. It’s done according to a standard scheme. There are only two parameters in the settings: Signal Gap and Show Bars. The first parameter allows you to specify the distance between the levels and the arrows. The second parameter allows you to set the number of candlesticks that the indicator will use to calculate the levels. If trading is conducted on a pair, which is characterized by a high level of noise, then this parameter should be increased. You can also change the color and thickness of lines and arrows in the settings, if you want.
Variant trading on the Super Signals Channel indicator
To get started, let’s see what it looks like on the chart:
First way of trading: opening trade deals at
the appearance of the shooters. Buy if we see a green arrow. Sell it if you’re
red arrow appears on the chart.Second way of trading: opening orders from channel levels.
We’re ignoring the shooters. When the price is near the lower line – consider
entry to buy, near the upper line – to sell.As practice shows, the second way is more
effective. Pending orders can also be placed in case of a break-down of one of the levels. The stop-loss should be small, as channel breakdowns are often false.
Indicator advantages and disadvantages
Super Signals Channel is a very simple tool for trading in the Forex market. It’s perfect for newcomers to the market. The signals generated by the indicator show a high degree of accuracy. However, I would like to warn that positive statistics on signals is observed on higher timeframes. Many false signals are generated at short time intervals. If you want to apply the indicator on H1 and below, then you should choose a quality signal filter.Lack of this indicator is one – repainting. That’s why it’s not…
we should hurry to open the deal right after the shooter shows up.
Better wait and see if it disappears when the next candle closes.
If it didn’t happen, you can make a trading decision.Super Signals Channel can be one of the components of the vehicle. Testing is a prerequisite for its use in real money trading.Super Signals ChannelDownloadInga Fedorova05.08.2019