Free Forex Indicators (MT4), Trend Following Indicators

ChannelsFIBO V2

ChannelsFIBO V2 is an Auto-Fibo channel forex trading indicator, used to plot the variable retracement level of the price for forecasting the next possible move of the market. Besides defining the support/resistance levels, it also signals for the potential levels of price movements so that you can pre-plan your trade exits.

ChannelsFIBO V2 is a very simple and straightforward indicator and it doesn’t require to have previous trading experiences for mastering it. Besides, this forex tool can be applied to trade all kinds of forex currency pairs in the financial markets.

ChannelsFIBO V2 Overview

Download and install the indicator on your MT4 trading platform. Once you’re done, find your chart like the image below:

ChannelsFIBO V2 Overview

ChannelsFIBO V2 Explanation

ChannelsFIBO V2 counts the last 35 price bars within the selected period of timeframes and applies standard deviations for determining the possible retracement levels of the market. The retracement areas range from 61.8% to 200% in both bullish and bearish momentums.

ChannelsFIBO V2 Explanation

However, this indicator only determines possible areas to enter and exit the trades, not the signals. For trade signals, you may depend on price action or candlestick patterns.

For example, if the price is roaming around the support zone, you might look for a bullish pin bar for going long. Besides, you may add other supportive indicators along with Channels Fibo for smoother results.

ChannelsFIBO V2: Buy Conditions

ChannelsFIBO V2 Buy Parameters
  • Price drops in between -61.8 to -200 level
  • A bullish pin bar/candle is plotted at the same time
  • Enter long at the break of the respective bullish candle’s high
  • Set stop loss below the -200 level
  • Exit long/take profit whenever price enters in between 161.8 to 200 level

Also Check: Deals & Discount

ChannelsFIBO V2: Sell Conditions

ChannelsFIBO V2 Sell Parameters
  • Price enters in between 161.8 to 200 level
  • A bearish pin bar/candle is plotted at the same time
  • Enter short at the break of the respective bearish candle’s low
  • Set stop loss above the 200 level
  • Exit short/take profit whenever price enters in between -61.8 to -200 level

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
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