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Super Trend Channels Indicator

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Super Trend Channels is a trend channel indicator for MT4. It detects channels with moving price and automatically displays them on the chart.

A channel consists of two parallel lines between which the price moves. These lines act as support and resistance levels when interacting with price.

Features

  • Platform: MetaTrader4;
  • Currency pairs: any;
  • Timeframe: optimal M15-H4;
  • Trading time: round the clock;
  • It is recommended to use ECN brokers with low spreads.

The indicator displays the current channels on both short-term (M1-M30) and long-term (H1-MN) timeframes.

Can change the angle of the channel in the case of new extrema.

For whom is the indicator suitable?

Trend channels are a basic tool for technical analysis, so they are compatible with absolutely all indicators and trading systems.

If you are a beginner, this indicator will help you understand price movements, especially in trending directions. It will also help you follow higher timeframe channels when trading on lower timeframes.

The techniques described below will help you learn how to analyze price movements in the channel and how to use them in practice.

This indicator will serve as a hint for experienced traders and will save some time in constructing local and global channels. It will also be useful for those who use wave principles of price movement.

Technique of channel lines

To build a price channel on each timeframe, the indicator analyzes the minimum price history in bars (200 bars by default) and looks for several highs and lows within that period, which form the basis of the first version of the channel. Then, if price moves out of the channel boundaries, the slope angle is changed taking into account the parallel lines.

If there is no channel on the chart on any timeframe, it means that the bar history set in the settings does not allow to build a channel taking into account the parallelism of lines. Sometimes there are several price channels on one timeframe. This happens due to the fact that on one timeframe during a certain period the price changed sharply, forming inconsistent extrema.

Appearance

super trend channel indicator mt4 gbpusd

After installing the Super Trend Channels indicator, the channel will be displayed as two parallel lines of the same color from its beginning to the current price.

  • Upward channel (green line).
  • Downward channel (red line).

Each channel has a marker next to it, indicating that it belongs to a certain timeframe. When you click on the marker, the perspective of the channel projection and its midline are displayed. Please note that the middle of the channel will not always be in the center, since the High and Low prices, selected by the algorithm, may not be equidistant from each other.

For better visualization, channel borders have different thicknesses, depending on the timeframe, on which they were built. For example, the border of the H1 channel will be thicker than the border of the channel drawn on M15.

So, each channel on your chart consists of:

  • Channel lines (solid with different thicknesses).
  • Lines of perspective projection (thick dashed line).
  • Average channel lines (thin dashed line).

super trend channel indicator mt4 appearance

How to trade using the channel indicator?

Since channel boundaries are support/resistance levels, most trading methods using channels can be divided into two main groups:

  • Rebound (reversal) of the price inside the channel.
  • Border retest after a channel break.

Channels are also often used in the analysis of wave strategies.

Trading on rebounds

ТBounce trading involves predicting price movement within a channel. Thus, when the price bounces from the lower boundary - buy, and when the price tests the upper boundary - sell.

As for the installation of Stop Loss, it should be hidden behind the borders of the channel Price Action. And Take Profit should be set on the previous maximum or minimum, depending on the channel (upward or downward) or on the predicted border of the channel on the opposite side.

super trend channel indicator mt4 trading

Trading on retest

Trading on the retest involves breaking through one of the channel borders without bringing the price back inside. Because channel boundaries are support/resistance levels, after a breakout they change their "polarity", namely: support becomes resistance in the case of a downward breakout, and resistance becomes support in the case of an upward breakout. In most cases the price corrects to the boundary of the breakout and bounces back, making a retest. This is the moment to make a trade in the direction of the breakout, regardless of whether the Price Action channel is upward or downward.

Thus, trading on the retest includes:

  • The point of entry to sell occurs when there is a retest of the channel boundary, after its break upwards.
  • A buy entry point occurs when a retest of the channel boundary occurs after it has been broken down.

super trend channel indicator mt4 retest trading

Also, it should be remembered that the price channel built on a higher timeframe is more important than channels built on lower timeframes. Accordingly, the probability of the price bouncing off the border of the channel on higher timeframes, both inside and outside the channel (after a breakout) will be higher.

Indicator settings

super trend channel indicator mt4 settings

  • Minimum history for channel formation (bars) - sets the minimum depth of history in bars required for channel formation.
  • Channel formation algorithm - how accurately the price extremums will be taken into account.
  • The display of the channels - parameters of the line thickness display.
  • Drawing channels on the chart - filtering channels for timeframes:
    • The Adaptive display algorithm is designed to minimize unnecessary information on the price chart. For this purpose, the algorithm displays only those channels that are relevant on each timeframe. For example, channels M30, H1 and above will be displayed on H1, while channels M1 and M5 will not be visible, as they are not relevant. If you switch the chart to M5, you will see M1 and H1 channels.
    • All Channels displays all channels found for a given currency pair, regardless of the selected timeframe.

The color of the channels is determined automatically, depending on the background color of your chart.

Conclusion

super trend channel conclusion

The Super Trend Channels indicator is a useful tool for traders of any level. It provides a complete picture of what is happening on the chart. You will know exactly where the price is moving, what the main trend is. What to buy or sell. You will see when there is a correction, after which the price is likely to continue its movement in the main trend and you can find a good entry point to take a profit.

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Super Trend Channels Version:1.01

Скачать индикатор трендового канала Super Trend Channels для МТ4. Date
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2022-05-03
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