TrendChannelTracker Indicator and EA
- Indicadores
- Irina Cherkashina
- Versão: 1.1
In addition, the TrendChannelTracker Indicator incorporates a trend channel that reveals the trend’s momentum. Along with being able to spot overbought and oversold signals, this makes it a powerful tool for traders who want to improve their strategy. The Indicator’s Stochastic values vary from 0 to 100, giving traders a straightforward picture of market conditions.
We use this indicator in our Multi Trade Scalping EA in conjunction with our proprietary signal filtering system and the Martingale method, resulting in a very interesting hedging and risk management system, that you can purchase on the MQL5 Market
https://www.mql5.com/en/market/product/132783?source=Site+Market+MT5+New+Rating006
or for free through our affiliate program. This universal Expert Advisor is equally good for both scalping and conservative multi-currency trading of simultaneous trading of several pairs.
TrendChannelTracker Strategy
The TrendChannelTracker merges a trend channel with the stochastic indicator and computation to offer traders vital information about the momentum of the trend. The TrendChannelTracker Indicator can help traders find oversold and overbought signals inside the trend channel by combining these two features.
Locate the trend channel and verify if it is bullish.
Look for oversold signals, which are formed when the Stochastic levels fall below 20.
Verify the buy signals using other chart patterns or technical indicators.
You may initiate a long position when the Stochastic indicators climb from the oversold region and cross above 20.
Set a stop loss order slightly below the trend channel or according to your money management plan.
You can employ a trailing stop or take-profit order to close the position when the Stochastic levels hit the other extreme.
Sell Signal
Determine the trend channel and verify if it is bearish.
Keep an eye out for overbought signs, which appear when the Stochastic level climbs over 80.
Validate the sell signals using other chart patterns or technical indicators.
You may open a short trade when the Stochastic levels drop from the overbought zone and cross below 80.
You can set a stop-loss order slightly above the trend channel or according to your money management plan.
You may employ a trailing stop or a take-profit order to close the position when the Stochastic levels hit the other extreme.