Standard Deviation Channel Indicator

Standard Deviation Channel Indicator

Standard Deviation Channel Indicator for MT4 draws channel automatically. Shows support resistance, Bullish, bearish trends, SL and TP. Free to Download.

The Standard Deviation Channel Indicator for MT4 can plot channels automatically on the price chart based on the price’s standard deviation. The indicator provides inner and outer channel line which acts support and resistance. Additionally, the indicator shows the BULLISH and BEARISH market conditions.

The indicator is best suited for new forex traders and advanced traders. It provides SUPPORT, RESISTANCE, ENTRY, and EXIT levels with STOP LOSS and TAKE PROFITS. While showing the BULLISH BEARISH market trends. The indicator works well in all intraday time frames and long-term trading. Additionally, the indicator is free to download and easy to install.

Standard Deviation Channel Indicator Trading Signals

The above GBPUSD H1 chart shows the Standard Deviation Channel Indicator for MT4 in action. The indicator displays the MID channel line as DEEP SKY BLUE color dotted line. While the INNER and OUTER channel lines are displayed as DEEP SKY BLUE color normal lines.

Since channel lines act as SUPPORT and RESISTANCE levels, the inner and outer channel levels are the best-suited BUY and SELL entry positions. Forex traders consider the price to be BULLISH if the price goes above the mid-channel line of the Standard Deviation Channel Indicator for MT4.

Oppositely, the price enters a BEARISH trend once the price falls below the mid-channel line. As a result, forex traders can BUY if the price rises from a lower channel line and crosses the midline. Traders can have a trading strategy to target the upper channel to take profits. While having a stop loss at the lower channel for the positions.

On the other hand, forex traders can have SELL positions once the price closes below the mid-channel line of the Standard Deviation Channel Indicator for Metatrader. At the same time, targeting the lower channel as take profit and a stop loss at the upper channel.

Aggressive forex traders can place BUY trades once the price hits the outer lower channel. And hold the positions targeting to take profit at the opposite upper channel. Oppositely, technical traders can initiate SELL trades from the outer upper channel. However, forex traders must keep in mind the price action, trading volume, and intraday support, and resistance levels for best trading results.

Conclusion
The Standard Deviation Indicator for MT4 is the best tool to create a channel automatically, eliminating the forex trader’s discretion. As a result, the forex trader obtains the support and resistance levels mathematically which acts as the best entry and exit points. The indicator works on all intraday charts and in daily, weekly, and monthly charts as well. It can be downloaded for free and installed easily by forex traders