MIDAS Channel V4 No Expire Indicator

MIDAS Channel V4 No Expire Indicator

MIDAS Channel V4 No Expire Indicator For MT4 uses the VWAP to plot dynamic forex support and resistance based on volume and price and identify market trend.

The MIDAS Channel V4 No Expire indicator for MT4 calculates dynamic support and resistance based on the VWAP. VWAP- Volume Weighted Average Price calculates the average price by including the volume and price. So, it identifies the support and resistance effectively.

The indicator is a moving average channel easy to identify and works well for new and advanced forex traders. Moreover, it works on all intraday chart time frames and the daily, weekly and monthly charts.

MIDAS Channel V4 No Expire Indicator For MT4 Trading Signals

The indicator plots a magenta VWAP line and the support and resistance lines. Additionally, it plots a vertical dotted carrier line. Traders can drag the carrier line on the price chart to indicate the beginning of the channel. This enables traders to effectively look at a short or long-term support and resistance according to their trading style.

The trading strategy is based on the break of the channel. If price breaks the channel and moves up it indicates the beginning of an uptrend. So traders can enter a buy trade with a stop loss below the previous swing low. For best results, traders can book profits with a good risk-reward ratio or wait for an opposite trading signal. Similarly, traders can follow a sell strategy if price breaks the channel downwards.

Conclusion
In summary, the MIDAS Channel v4 No Expire indicator for MT4 differs from other moving average based forex technical indicators. By using the VWAP to plot dynamic support and resistance it provides a good support and resistance. Additionally, this indicator is free to download and easy to install.