The Super signals channel MT4 indicator is a valuable tool for traders to gauge the current state of the currency market. It does this by drawing two lines around the price candle, with the upper line representing the highest price reached during the previous 24 candles and the lower line indicating the lowest price during the same period. These lines help traders visualize key price levels and identify potential breakouts or retracements.
This indicator is particularly effective when used on the 1-hour (H1) chart, as its 24-candle assessment provides reliable data for this timeframe. The Super signals channel MT4 indicator also enhances the chart with arrows that signal when the price has reached a new high or low. For instance, a red arrow appears when the price breaks the upper line, indicating a new high, while a green arrow indicates the price has retraced back to the lower line.
When using the Super signals channel indicator in a trending market, traders should be cautious not to enter a sell trade as soon as they see a red arrow. Instead, they should wait for a green arrow to appear in an upward trend and enter a buy trade when the price retraces to the lower line. This strategy is illustrated in the picture below.
Additionally, this indicator can be used for a breakout strategy, where traders buy when the price breaks above the previous high and sell when it falls below the previous low.
In a ranging market with no clear direction, the arrows from the Super signals channel indicator can serve as entry and exit points for trades. This approach is demonstrated in the picture below.
By default, the Super signals channel MT4 indicator is set as a non-repainting indicator, meaning that the arrows will remain on the chart once they appear. However, users have the option to set it as a repainting indicator, in which case only the most recent high or low arrow will be displayed on the chart. This allows traders to adapt the indicator to their preferred trading style and strategy.
Features of Super signals channel MT4 indicator
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily, H1 recommended
- Currency pairs: any
In super-signals-channel1.zip file you will find:
- super-signals-channel1.ex4
Download Super signals channel MT4 indicator for free:
