Limit Channels is a Forex scalper indicator for Metatrader 5 that draws an ATR based buy/sell/exit trading channel on the chart.
The actual trading channel consists of a middle line and outer lines.
A bullish or bearish trend is easy to spot:
- A bullish trend occurs when the Limit Channel is sloping up.
- A bearish trend occurs when the Limit Channel is sloping down.
- A sideways trend occurs when the Limit Channel is flat.
This indicator can generate multiple trade entries and exits daily for any currency pair when applied to the lower time frames.
The following indicator inputs can be modified: ATR period, ATR multiplier.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Limit channels.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Limit Channels Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Limit Channels Scalper Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal occurs when the channel is sloping up and price touches the lower orange channel line.
- Open a buy order and place a stop loss below immediate support.
- Close the buy trade at the upper green channel line.
Sell Signal
- A bearish signal occurs when the channel is sloping down and price touches the upper green channel line.
- Open a sell order and place a stop loss above immediate resistance.
- Close the sell trade at the lower orange channel line.
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Limit channels.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Limit channels.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration