Trend Channels Indicator

Auto Trend Channels Indicator

Auto Trend Channels is a trading tool that will help facilitate your daily technical analysis by plotting trend channels across multiple timeframes.

The Auto Trend Channels Indicator for MetaTrader is a dynamic trading tool that automatically detects trend channels across multiple timeframes. It identifies a bullish trend channel with green trend lines and a bear trend channel with red trend lines.

The indicator will be a valuable trading tool for trend and counter trend forex traders. It can be convenient for trend traders to identify a buy/sell position when price retests a channel line. Conversely, countertrend traders may wait until an identified trend channel is broken before entering a buy/sell position.

In addition, it is recommended for beginners, intermediate and advanced forex traders. It is also suitable for various trading styles such as scalping, day/intraday trading and swing trading.

How to Trade With The Auto Trend Channels Indicator

The screenshot above shows how the indicator will look on your MT5 chart. It shows that the AUDNZD pair is currently in an uptrend (bullish trend).

In addition, the indicator defines a bullish trend channel on the H1 timeframe. The price interacts with the lower trend line of the indicator, which forms a candle with a wick. The deviation of the wick on the candle shows the readiness of the AUDNZD asset to continue the uptrend.

With the above conditions, you can open a buy/long position after the price also prints a bullish candle. The formation of a bullish candlestick is a confirmation that the price is about to move up.

Conclusion

Auto Trend Channels is a trading tool that will help make your daily technical analysis less of a hassle by plotting trend channels across multiple timeframes. Moreover, it can be downloaded for free.