High Way Channel Indicator
High Way Channel indicator for mt4 – download free. MT4 support and resistance indicator. Best channel indicator for mt4.
CATEGORIES: TREND, MT4, CHANNELS
Updated on: 13.12.2023
The High Way Channel indicator for MetaTrader is a dynamic forex trading tool that identifies and plots price channels on your chart. It looks somewhat like a highway, hence the name.
Unlike the regular channel indicator, this indicator (High Way Channel indicator) comes with two different zones where the price is expected to reverse within the channel. The BLUE and RED zones are the first and second potential reversal points respectively.
This technical indicator is the best channel indicator; it helps you to identify optimal entry/exit levels. Furthermore, it is suitable for novice, intermediate and experienced traders. Besides, you can use this indicator for different trading styles like scalping, day/intraday, and swing trading.
How To Trade With The High Way Channel Indicator
The above screenshot depicts how the indicator would look on your MT4 platform. It also illustrates how to identify high probability trade setups.
The BLUE zone of the indicator is best suited for aggressive traders. Conversely, the RED zone is best for conservative traders. For instance, if you are a conservative trader, you may open a trade at the RED zone and Take Profit at the opposite BLUE zone.
BUY Signal: Firstly, identify the bias of the trend; in this case, a bullish trend. Now, wait for the price to interact with the lower RED zone of the channel. You may then open a BUY/LONG position after price action also prints a bullish candlestick pattern (e.g. bullish engulfing).
SELL Signal: Firstly, identify the bias of the trend; in this case, a bearish trend. Now, wait for the price to interact with the upper RED zone of the channel. You may then open a SELL/SHORT position after price action also prints a bearish candlestick pattern (e.g. bearish engulfing).
Conclusion
The indicator for MT4 is a price channel indicator designed to help you find optimal trade entry. What’s more, it automatically adjusts and adapts to the ever-changing price of an asset. Finally, the indicator is free to download.
You must be logged in to post a review.
Copyright 2025
Reviews
There are no reviews yet.