The Equidistant Price Channel indicator to be used with MetaTrader is the most effective tool to trade the price channels. Price channels can have a rising (in the direction of an upward trend) or downward (in the downtrend) as well as a horizontal one (in an ebb and flow market).
What is the Equidistant Channel Indicator (MT4)?
The Equidistant Channel indicator is a custom indicator that draws two parallel ascending and descending line trendlines on your chart. The lines drawn by the trend lines are used for connecting pivotal levels, which are basically zones of support and resistance.
How Do You Make an Equidistant Channel?
Trend lines are a tool employed to draw an equal channel on the MT4 platform. The Equidistant Channel indicator was designed to detect equidistant channels automatically.
This indicator is useful for both novice and professional traders to determine and map out channels that are valid. In addition, it’s an ideal instrument used by scalpers, day/intraday traders, and traders who trade swings.
How to Trade With the Equidistant Price Channel Indicator
Buy Setup: The first step is to determine if the market’s bias should be upwards. Then, allow the indicator to determine an appropriate channel. Then, you should start a buy position that is in accordance with the price movement. The buy mentioned above was taken when the price failed to break the equal channel.
Sell Setup Firstly, check that your market’s trending down. Then, watch for the indicator to detect it and create the price channel. After that, you should open a position for SELL immediately if you see an inverse bearish candlestick pattern (e.g., wick rejection, bearish engulfing, etc.).
Conclusion
Its Equidistant Price Channel indicator for MT4 is a tool that you might want to look into, especially if your plan is based around price channels. In addition, the indicator is available to download for free.
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