BSI Trend and Channel Forex Indicator is a combination of trend-based channels and Weighted Moving Averages. It can alone signal the market trend, trade entry, and exits using its multi-trend filtering tools. Besides trend signals, this indicator also spots overbought/oversold areas of the market.
BSI Trend and Channel Forex Indicator adjust itself with all sorts of timeframe charts within the MT4 platform. Therefore, it can be used for both scalping and day trading purposes. Moreover, you can apply it to trade all kinds of forex currency pairs available in the market.
BSI Trend and Channel Forex Indicator Overview
Download the Indicator and install it on your MT4 terminal. When you’re done, your chart should appear like the following image:
BSI Trend and Channel Forex Indicator Explanation
- BsiTrend: It works as a trend envelope, used to identify the overbought/oversold areas of the market. Its lower band represents the oversold levels and the upper band represents the overbought levels of the market.
- BsiChannel: This indicator is the main trend identifier of this indicator. Price holds its position above its level means the trend is bullish. Oppositely, the price keeps closing below its level means the market is in a bearish trend.
- BsiWMA: It is a basic trend filtering indicator. It provides confirmation over the trend signals generated by BsiChannel. BsiWMA moves above BsiChannel are considered as the confirmation of the bullish trend and an opposite scenario represents the bearish trend confirmation of the market.
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BSI Trend: Buy Conditions
- Price bounces upwards from the lower band of the BsiTrend
- Price moves above BsiChannel
- BsiWma moves above BsiChannel
- Buy triggers when the above conditions are done
- Set stop loss below the lower band of BsiTrend
- Exit long/take profit whenever BsiWMA moves below BsiChannel
BSI Trend: Sell Conditions
- Price drops downwards from the upper band of the BsiTrend
- Price moves below BsiChannel
- BsiWma moves below BsiChannel
- Sell triggers when the above conditions are done
- Set stop loss above the upper band of BsiTrend
- Exit short/take profit whenever BsiWMA moves above BsiChannel