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Trend Channel

The Trend Channel indicator for MT5 automatically plots the recent trend channel of the price. The indicator is also useful in helping traders identify potential breakouts and reversals. Try Now!

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Description

The Trend Channel Indicator for MT5 is an indicator that identifies and plots an upward or downward-slopping channel of the price. It is a popular technical tool used in identifying trend breakouts and reversal trading opportunities in the market.

Features of the Trend Channel Indicator for MT5

The indicator identifies only the recent trend channel, making it a chart-friendly trend analysis tool for beginners and experienced traders. Besides, it plots valid trend channels of the price across multiple timeframes using trend lines colored in lime and red, which provides traders with a broader perspective of the market.

The lime-colored trend line is the resistance zone of the channel, while the red line is the support level. Additionally, the indicator allows users to customize the line color, styles, and periods for identifying the highs and lows of the channel.

Benefits of Using the Indicator

  • Time-Saving: The indicator automatically identifies the recent trend channel and plots it on the chart, thereby saving the time it would take to draw it manually.
  • Enhances Objective Decision-Making: The indicator can also assist traders in identifying the optimal zone for a trade entry/exit. For example, a trader may consider buying an asset if the price breaks and retests above the upper trend line of the channel or sell when the price prints a reversal candlestick at the upper level of the indicator.

Indicator Settings Description

The indicator comes with the following customizable parameters:

Label of the levels: Enables/Disables the indicator to label the levels.

Period for finding extrema: Determines the period for identifying channel.

Number of bars for reviews: Determines the maximum number of bars for review.

 The color of the upper level: Defines the color of the line to draw the upper channel.

The style of the upper level: Determines the type of line (e.g., solid) to highlight the lower channel.

The width of the first upper level: Determines the line width to highlight the upper channel.

The color of the lower level: Determines the color of the line to highlight the lower channel.

The style of the lower level: Determines the type of line to highlight the lower channel.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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