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Channel indicator - download: Donchian, without redrawing, Price Channel, Keltner, donchian channel for MT4

The Forex channel indicator is a very useful and relevant tool for any trader, thanks to which it is possible to efficiently and competently carry out construction on the chart, including automatically, without wasting time on independent calculations and eliminating the risk of incorrect point selection. Channels are needed for trading according to channel strategies, which involve working within a certain price range. Usually, the construction is carried out according to three extrema (2 minima + 1 maximum or vice versa), but moving averages and other methods can be used.

The simplest channel is built manually on the price chart along trend lines, which are based on the highs and lows of the price.

The most important thing in this case is to choose the right points for building the lines, since if the selection is incorrect, the range will not reflect the real situation on the market and trading can be unprofitable.

But it’s much easier for beginners to use Forex channel indicators without redrawing in their work, which perform constructions in automatic mode in the MT4 / 5 terminal (MetaTrader 4/5) and do not change indicators in the process of changing the quote movement. But finding such tools is not so easy, mainly traders use the simplest tools, one of which is the True Trendline indicator of trend lines.

You can download the Forex indicator for MT4 here: True-Trendline (packed in archive)

Trading in this case occurs according to the principle: purchase at the lower border and sale at the upper (if the 2 lines built by this instrument are parallel and a channel is formed). You can also trade on the breakdown of the channel or on the rebound from its borders.

Simple tools for trading - a variety of indicators for working in the price range

Automatic indicators of channel construction on Forex are presented in a fairly large number.

Price Channel

The simplest of these is the Price Channel, which builds borders on the minimum / maximum values ​​of the cost for the specified time period.

Download Price Channel indicator for MetaTrader 4 terminal (archived) - Price-Channel

The trader only needs to choose the number of candles taken into account in the construction, the values ​​of which will be taken into account. In addition, the graph also shows the center line, showing the average cost for the specified period. Trading on an instrument involves entering the market with the hope of a rebound from the lower or upper border, they also trade for a breakdown.

The goal is usually the opposite border, and the median line acts as a point for partial fixation of income.

Donchian Indicator - Donchian Channel

The Donchian Channel indicator is very similar to the Price Channel, but it does not have a middle line, although the channel boundaries are calculated in a similar way.

The calculation principle was proposed in the 70s by Richard Donchian and it consists in identifying the minimum and maximum value of the cost for a specific period. That is, the calculations use only the lowest and highest quotation marks, on the basis of which two lines of the price range are drawn.

You can download the Donchian indicator for MT4 from the link - Donchian_Channel (also in the archive)

Based on the Donchian Channel indicator, more than one Forex advisor has been created. The simplest trading strategy for it involves the following rules: you need to buy and close short positions when forming a bar above the Donchian line (blue), sell and close long transactions when a bar appears below the line (red). For more complex strategies, the rules may be different.

Indicator Building Keltner Canals - KeltnerChannels

Many Forex channel strategies use the accurate Keltner Channels indicator - Keltner Channels, which can be downloaded freely from the link below.

In this case, they trade from the borders of the drawn range, given them on different timeframes. The tool demonstrates not only the range, but also the market volatility, trend, provides data on overbought / oversold assets, gives breakout signals.

It requires checking with additional filters (moving average, for example), since in a flat it can give a lot of false positives.

You can download the indicator from the link - KeltnerChannels (you also need to unzip it first).

Our site even has a trading system of the same name and here is a video version of the forex strategy on this instrument:

Center of Gravity indicator

One of the most interesting Forex indicators for MT4 is Center of Gravity. Based on the tool, many strategies have been created. He draws five lines, each of which follows the current trend. Trading from extreme curves can be successful, but the masters advise using additional filters to predict whether the price will go out of the range with the possibility of continuing the trend.

You can download it from the link - center_of_gravity (similar to the others, you also need to unzip it and add it to MT4)

Indicators without redrawing

The biggest difficulty in using channels is their possible redrawing. After all, the tool uses current values ​​of value, which are constantly changing, changing the ranges in which the quote value moves. A simple solution to the problem is the manual construction of trend lines on different timeframes, which requires a lot of time. Therefore, it is better to use indicators without redrawing.

Kanal handels signal

An example of such a tool is Kanal Handels Signal, created on the basis of the Super Signal Channel and not involving redrawing. The original is made on the basis of Zig Zag, performs calculations by extrema, and gives reversal signals at the moments of maximum / minimum at the border level (at a certain number of candles).

Download indicators in archives:

MTF SHI Channel

The MTF SHI Channel, which automatically builds adaptive channels and offers a large selection of settings, does not redraw. It works in real time, evaluates market movement and builds current levels at the close of bars. For the instrument to function properly, a trading history is needed (at least 400 bars).

The indicator demonstrates the volatility of a currency pair, forms a range in real time on the chart, using the maximum and minimum values ​​of the asset for the previous period. Often used to build support / resistance levels.

You can download it at this link - MTF_shi_channel (prezip)

Due to the large number of settings, this Forex indicator is able to draw several lines on the chart at once - 2 or more (it is also called - 2 channel indicator). So, three channels are often formed on the basis of lines along adjacent time intervals. Thus, it is easy to understand the current situation in the market and simply determine how close the price is to one or another border of the channel.

And finally, an example of a strategy on channels - Parallel channels + Fibonacci levels:

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