Price Histogram Channel Indicator

Price Histogram Channel Indicator

Price Histogram Channel Indicator For MT4 plots histogram based on H4 visible on all lower chart time frames. Best forex indicator to enter the market.

The Price histogram channel indicator for MT4 plots a channel using the price data from a higher time frame. Additionally, it plots histogram based on the trading activity. Moreover, it plots support and resistance lines on the chart. This channel based on H4 is visible on all the lower time frames enabling the forex trader to enter traders more precisely.

This channel indicator is easy to use and is helpful for both new and advanced forex traders. It works on all chart time frames below the H4. So, this indicator is useful for intraday forex traders and short-term traders.

Price Histogram Channel Indicator For MT4 Trading Signals

The indicator plots a red line on the top of histogram and blue lines at support and resistance. The dot area represents where 60% of the trades happen. However, the dash line area is where 90% of the trades happen.

Price movement above the red line is bullish and below it is bearish. So, the best trading strategy is to wait for the prices to move to an extreme condition above or below the histogram and reverse. However, traders can enter the market once the red line is breached during the reversal.

Traders can enter the market with a buy trade and place stop loss below the previous swing low in a bullish condition. Similarly, if price moves below the red line traders can open sell positions with a stop above the previous swing high. The best strategy to book profits is to exit at an opposite signals.

Traders should note that the blue lines represent support and resistance lines and provide intraday entry and exit points.

Conclusion
In summary, the Price Histogram Channel indicator for MT4 is based on the price data and trading activity. Since, it does not involve other calculations or data the results are rewarding.