Auto Trend Channels Indicator
Auto Trend Channels is a trading tool that will help to make your daily technical analysis less of a hassle by plotting trend channels on multiple timeframes.
Description
The Auto Trend Channels indicator for MetaTrader is a dynamic trading tool that automatically identifies trend channels on multiple time frames. It identifies a bullish trend channel with green trend lines and a bearish trend channel with red trend lines. The indicator would be a valuable trading tool for trend and counter-trend forex traders. Trend traders may find it handy to identify a buy/sell position when the price retests the channel line. Conversely, counter-trend traders may wait for a breakout of the identified trend channel before opening a buy/sell position. Furthermore, it is recommended for the novice, intermediate, and advanced forex traders. It is also suitable for different trading styles like scalping, day/intraday, and swing trading.
How to Trade With The Auto Trend Channels Indicator
The above screenshot depicts how the indicator would look on your MT4 chart. It shows that the EURUSD pair is currently trending to the upside (bullish trend). Furthermore, the indicator identifies a bullish trend channel on the H4 time frame. The price interacts with the lower trend line of the indicator, which forms a candlestick with a wick. The wick rejection on the candlestick shows the willingness of the EURUSD asset to continue the uptrend. With the above conditions, you may then open a buy/long position after the price also prints a bullish candlestick. The formation of the bullish candlestick is a confirmation that the price is about to move to the upside.
Conclusion
The Auto Trend Channels is a trading tool that will help to make your daily technical analysis less of a hassle by plotting trend channels on multiple timeframes. What’s more, it is free to download.