Super Signals Channel Indicator MT4

Introduction to the Super Signals Channel Indicator The Super Signals Channel Indicator is, as the name suggests, a channel-based forex trading indicator. That gauge consists of dual bands that work as dynamic support/resistance levels and buy/sell arrows as signal triggers. Due to the nature of the indicator, it works best during market consolidations and sideways movement. The Super Signals Channel Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

A signal takes place at the rejection of a band. You can often notice a pin bar as the result of band rejection. It’s good when a bullish candle is formed after the rejection of the upper band, and similarly, it’s a good omen when a bullish candle is formed after the rejection of the lower band. After all, you don’t need to spot these candlestick patterns by yourself as you can count on the arrows to confirm an order.

Super Signals Channel Indicator: Buy Signal

Follow these steps for a long trade:

• The price hits lower band (green one) and rejects it
• An upward arrow is plotted on the chart
• Buy trade is now triggered
• Set stop loss a few pips below the green band
• Take profit after the price hits upper band and sell arrow is plotted

Super Signals Channel Indicator: Sell Signal

Follow these steps for a short trade:

• The price hits upper band (red one) and rejects it
• An downward arrow is plotted on the chart
• Sell trade is now triggered
• Set stop loss a few pips above the red band
• Take profit after the price hits lower band and buy arrow is plotted

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