The BP Channel Forex Strategy indicator for Metatrader 4 represents a complete trend trading strategy that works for any currency trader.
The indicator appears in the main MT4 chart window as a typical crossover trading strategy that’s very easy to trade.
The blue and red signal line will provide you with the actual buy and sell entry levels.
Key Takeaways:
- A bullish trend occurs when the blue signal line is aligned above the red signal line.
- A bearish trend occurs when the red signal line is aligned above the blue signal line.
- Trend trading strategy.
- Beginner friendly.
Free Download:
Download the “bp-channel-indicator.ex4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the BP Channel Forex Strategy indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Buy the currency pair whenever the blue signal line crosses the red signal line bottom-up.
Sell signal: Sell the currency pair whenever the red signal line crosses the blue signal line bottom-up.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trend
Repaint? No.
Download Now:
Download the “bp-channel-indicator.ex4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the bp-channel-indicator.ex4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.