Forex Price Channel Trend Trading Strategy
From the Old Kings archive: Forex Price Channel Trend Trading Strategy, an indicator for MetaTrader 4. Its name points to price channels and following the trend. In the code it works with Bollinger Bands. It draws arrows on the chart. It has 12 settings, for example Bands Mode 0 2 (default 0), Power Price 0 6 (default 0) and Price Type 0 3 (default 0). Load it on a demo chart and check whether its signals repaint before trusting them. Inside: 2 indicator files with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Forex Price Channel Trend Trading Strategy
Forex Price Channel Trend Trading Strategy is an indicator for MetaTrader 4 based on Bollinger Bands. It draws buy and sell arrows on the chart. It has 12 settings, such as Bands mode 0 2, Power price 0 6 and Price type 0 3. MQL source code included.
Files in the download: installation manual.txt, iTrend.mq4, PCIT.tpl, PriceChannel_Stop_v1.mq4.
Settings
| Setting | Default | What it does |
|---|---|---|
| Bands mode 0 2 | 0 | =0-2 MODE_MAIN, MODE_LOW, MODE_HIGH |
| Power price 0 6 | 0 | =0-6 PRICE_CLOSE,PRICE_OPEN,PRICE_HIGH,PRICE_LOW,PRICE_MEDIAN,PRICE_TYPICAL,PRICE_WEIGHTED |
| Price type 0 3 | 0 | =0-3 PRICE_CLOSE,PRICE_OPEN,PRICE_HIGH,PRICE_LOW |
| Bands period | 20 | Period or timeframe used by the calculation |
| Bands deviation | 2 | |
| Power period | 13 | Period or timeframe used by the calculation |
| Count bars | 300 | |
| Channel period | 9 | Period or timeframe used by the calculation |
| Risk | 0.30 | Risk per trade (percent of balance) |
| Signal | 1 | |
| Line | 1 | |
| Nbars | 1000 |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Channels & Envelopes · Trend · Buy/Sell Arrows · Bollinger Bands · MT4 Indicator · MQL4 Source Code