DWM Channels Indicator

DWM Channels Indicator

DWM Channels Indicator for MT4 creates a forex price channel based on the daily, weekly, and monthly highs and lows. Best support and resistance channel.

The DWM Channels indicator for MT4 plots dynamic channels based on the high and low on a forex price chart. It uses the DWM- Daily Weekly and Monthly high and lows to plot the channels on a same chart. These channels act as support and resistance and potential forex price reversal points and are visible on the same chart. So, forex traders always have an understanding of these higher time frame key technical levels and can trade accordingly.

The indicator is a simple support and resistance channel and is suitable for new and advanced forex traders. Since the indicator plots higher time frame channels it is suitable for short and long-term forex trading strategies.

DWM Channels Indicator For MT4 Trading Signals

The indicator plots the daily channel in red, weekly in green and monthly as blue. Traders should note that the channels are dynamic, so it changes if a new high or low is made in the respective time frame. Moreover, since all the channels are visible in current time frame the changes may happen until the closing of a higher time frame candle.

The high and low of higher time frames form a reliable support and resistance. So, the best trading strategy is to apply support and resistance trading strategy to enter and exit at these levels.

Traders should use price action to confirm if the price breaks the support or resistance or reverses from them. However, traders can use candlestick reversal and continuation patterns with price action for best trading results.

Conclusion
In summary, the DWM Channels indicator for MT4 creates a channel based on the daily, weekly and monthly highs and lows of a forex trading instrument.