This indicator is based on the cross of a slow and fast EMA_close(not drawed) for the main trend,then at the breakout( close of the candle) of high/low channel a dot appear,if is white set a buyorder a the level of dot,sell if is red.
The two dot line are the SL level (HI-LO channel calculated on xx EMA),the white is for the buy, the red is for the sell operation, the two thick line are the TP level (Highest high since XX bars and Lowest low since XX bars).
Is my first indicator, feel free to make comments or some suggest to improve it.
I use 89 for the faster EMA and 144 for the slower and 89 for the SL and TP, and I suggest to use it in 1H or higher time frame.
I wish to create an EA with that indicator,that use the last entry signal level as pending order for buy/sell and a good system of trailing SL and TP.
MT4 Indicator Download – Instructions
2 MA Channel Breakout is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
2 MA Channel Breakout provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install 2 MA Channel Breakout.mq4?
- Download 2 MA Channel Breakout.mq4
- Copy 2 MA Channel Breakout.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on 2 MA Channel Breakout.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator 2 MA Channel Breakout.mq4 is available on your Chart
How to remove 2 MA Channel Breakout.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: