The Auto Channel Indicator MT4 is a pattern indicator for MetaTrader 4 and is designed to display the channel pattern in a price movement. A channel pattern is a continuation pattern that is formed by the combination of two trend lines parallel to each other. Trend lines are drawn on the main chart, the upper trendline functions as a resistance level, while the lower trendline serves as a support level. An upward direction of a channel indicates a bullish trend. The downward direction channel indicates a bearish trend, highlighting that selling pressure is dominating the market.
This indicator is suitable for traders of all skill levels and across all time frames. Its versatility extends to trading multiple currency pairs within any forex trading system or strategy, for identification of channel patterns.
Indicator Settings
How to Install Auto Channel Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
