Equidistant Price Channel Indicator

Equidistant Price Channel Indicator

Equidistant price channel indicator for mt4 – download free. Support and resistance indicator.

The Equidistant Price Channel Indicator for MetaTrader is the best tool for trading the price channels. A price channel can either be ascending (in an uptrend), descending (in a downtrend), or a horizontal channel (in a ranging market).

What is Equidistant Channel Indicator MT4?
The Equidistant Channel indicator is a custom indicator that automatically draws two parallel ascending/descending trend lines on your chart. The trend lines are drawn to connect pivotal levels which are basically support and resistance zones.

How Do You Make an Equidistant Channel?
The trend line is the tool used to manually draw an equidistant channel on an MT4 platform. However, the Equidistant Channel indicator is designed to automatically identify equidistant channels.

This indicator can come in handy for both novice and professional traders to identify and plot valid channels. Besides, it is a great tool for scalpers, day/intraday, and swing traders.

How To Trade With The Equidistant Price Channel Indicator

The above screenshot depicts how the indicator would look on your MT4 platform.

It is worthy to note that the Equidistant Price Channel indicator can be used as a stand-alone tool for trade entries. Nevertheless, the indicator is, however, recommended to be used along with price action for better entries.

BUY Setup: Firstly, the bias of the market should be in an uptrend. Secondly, wait for the indicator to identify a valid channel. Thereafter, open a BUY position in line with the price action. The above BUY would have been taken after the price rejected the equidistant channel.

SELL Setup: Firstly, ensure that the market is in a downtrend. Secondly, wait for the indicator to identify and paint a price channel. Thereafter, open a SELL position immediately if you spot a bearish reversal candlestick pattern (e.g. wick rejection, bearish engulfing, etc).

Conclusion
The Equidistant Price Channel indicator for MT4 is a tool you may need to check out, especially if your strategy revolves around price channels. Finally, the indicator is free to download.