SSL_Channel_Chart Indicator For MT5
Table Of Contents:
- SSL_Channel_Chart Indicator For MT5
- Trading ideas with the SSL_Channel_Chart Indicator For MT5
- SSL_Channel_Chart Indicator For MT5 - Buy Entries
- SSL_Channel_Chart Indicator For MT5 - Sell Entries
- SSL_Channel_Chart Indicator For MT5 - Conclusion
The SSL_Channel_Chart Indicator For MT5 draws a colored channel on the chart. Blue color is used to signal upward trends and violet is used for downward trends. The indicator is highly configurable. You can configure the indicator according to your need e.f. the period and you can even get alerts from the indicator.
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
The SSL_Channel_Chart Indicator For MT5 is developed by Kalenzo. He identified the problems of the trend traders and created this simple indicator that shows the trend direction in simple colored lines. Most of the trend identifying tool is very hard to use.
If you intend to focus on the key metrics, it will become a very challenging task to identify the potential reversal point. This indicator evaluates the price change, highs and lows, and the momentum of the trend. Based on these important factors, it creates a two-colored wave line channel that gives you important information about the buying and selling momentum. When the trend is down, you should see a purple color cloud acting as a strong resistance above the candle.
On the contrary, when the trend is up, you should see a strong blue channel acting as a supportive band. Most of the time, these color bands tend to give the perfect reading to the higher time frame trades. Those who are trying to make money using a shorter time frame, won’t get the desired result as the colored cloud will change frequently and it will be very hard to keep track of the quality trade signals.
Trading ideas with the SSL_Channel_Chart Indicator For MT5
By now, it should be clear that the SSL] Channel Chart indicators require the HTF trading method. For the new traders, HTF means a higher time frame. People who don’t have a valid trading method, can get a demo account and start working hard to create a robust edge. But those who have a well-structured trading method should backtest their trading system.
The result of the backtest should show more than a 65% win rate. If the win rate falls below that level, it will be a tough call to make money. The smart trader always uses the PA signal to open the trade. So, try to develop a system that uses the price action trading method. The best approach will be knowing about the price action trading system. The price action trading method is a professional approach to deal with the dynamic market.
It might be tough but you can learn about the basic candlestick pattern. After knowing the basic candlestick pattern, you can easily improve your execution process and become a better trader by using the SSL Channel Chart indicator. It might seem a very simple filter but the colored clouds will protect you from many losing trades. Let’s see how we can use this indicator to open the trades.
SSL_Channel_Chart Indicator For MT5 - Buy Entries
Everyone buys at the support zone. But the smart traders often buy at the break of the resistance. The buying process greatly varies on the traders’ skill. But we are expecting that you have a strong trading system capable of finding the potential buying zone. After finding the potential buying zone, you need to look for the classic trade setups.
It is better to look for the trade setups in the higher time frame only. If you focus on the lower time frame, it will be a hectic process as you will see frequent changes in the colored cloud painted by the SSL Channel Chart Indicator. Look for the bullish price pin bar, morning star, or the doji pattern at the support zone.
The support zone must be reinforced by the blue color cloud. The slope of the cloud should be positive. The best trade setups are formed after a few hours of forming the blue color cloud in the chart. Analyze the trade signals and slope of the blue color cloud. If everything seems right, you can open a long trade without having a second thought.
SSL_Channel_Chart Indicator For MT5 - Sell Entries
Thousands of traders are trying to become a millionaire. But becoming a millionaire in the Forex industry requires strong skills and knowledge to use the indicator perfectly. Though the SSL Channel Chart Indicator might seem to be a simple tool if you carefully evaluate the slope of the channel, you will notice the dynamic levels are very accurate.
Look for the blue-colored cloud where the rejection of the price takes place. The blue color cloud must merge with the resistance level drawn by the horizontal or the trend line. In the ideal case, you should be seeing the strong bearish price action signal at the trend line. Some of the retail traders often ignore the slope of the colored cloud. But it is very important to ensure the success of your trade setup.
If the purple color cloud tends to gain a positive slope, you should be anticipating a change in the color. On the contrary, when the slope is strongly pointing to the south portion of the indicator panel, you do have a strong downtrend. So, taking the short trade with managed risk will be a justified act.
SSL_Channel_Chart Indicator For MT5 - Conclusion
Everyone knows the process to take trades. But very few traders know how to use the indicator strategically. The functions of the SSL Channel Chart Indicator might seem easy but if you compare its position and slope analysis process, it will take some time to boost your confidence level.
Some indicators might seem very easy to use but once you get into the details of this indicator, you will know it requires precise data extraction. For instance, ignoring the slope of the colored cloud can cause massive trouble in your trade execution process. Another key thing to notice is the news factors. If the traders fail to analyze the major news, they should not take the trade before or after the news. They must find the most stable state of the market when the chance of trend reversal is very low.
Being a technical trader, you should also learn about the minor SR levels so that you can easily find the endpoint of the retracement. Once you develop these skills, it will be an easy task to find quality trade setups. But still, losing trades will be a common scenario in your trading profession. But you can overcome the losses by using a high RR ratio in the trades.
