The Super Signals Channel Indicator is a channel-based forex trading indicator, developed for the MetaTrader 4 users.
This indicator uses a dual-band channel which is quite effective for exploring true price support/resistance levels. These levels are plotted based on short-term price changes. According to our review, the super signals channel is a good fit for 15-minute timeframes.
Its channel is a non-repaint indicator that reacts more with recent price movements. For this reason, the Super Signals Channel Indicator is a better match for short-term or day trading strategy.
The Super Signals Channel only plots swing trading opportunities. So most of its trade signals appear during consolidation or sidelined periods of the market.
The green band below the price shows the dynamic support level. This indicator only plots a buy signal when the price clearly rejects the lower band.
For instance, a bullish pin bar with a long tail and rejecting the green line. The green uppish arrow below the dynamic support indicates a buy signal.
We’ll look for a sell setup when the price gets closer to the higher super-channel. In that case, the price needs to plot at least one bearish candlestick pattern before confirming a sell order.
Thankfully, you don’t need to spot the candlestick patterns by yourself. This indicator automatically detects the signal candles and uses the arrows to confirm an order.
Also Read: XM Review – An Extensive Forex Broker Guide
Super Signals: Buy Conditions
- The price hits the lower Super Signal Channel band and refuses to break below the support
- A bullish candle appears rejecting the channel support
- The indicator plots a green arrow to signal a buy order
- Exit the buy order after you find a red arrow near the higher band
Super Signals: Sell conditions
- The price rejects the higher band and refuses to move above the resistance zone
- The price plots a bearish candlestick pattern near the dynamic resistance
- Open sell order after the indicator displays a red arrow
- Exit short when the Super Signal Channel plots a green arrow.