The MetaTrader Price Channel expert advisor draws the support and resistance levels, then trades when the price bounces back from the channel's levels. By default, the Channel EA opens long trades only when the channel is upwards (rising), and short trades if the channel is downwards (falling). For an improved way to trend with the trend, the EA can also be restricted to trade following the trend given by this moving average. If the MA on the previous two candles is rising, there is an uptrend; it the MA is falling, it is a downtrend.
The price Channel pattern is made of two trend lines positioned above (resistance) and below (support) the price. The price action is contained between these two parallel trend lines. The separation between the two trend lines needs to be wide enough to trade inside the Price Channel pattern. Traders can buy at the channel support level and sell at the channel resistance level.
The Channel Trading Expert Advisor for MetaTrader was designed to make possible trading within an ascending or descending price channel, therefore trading with the trend of that particular channel.
So basically the Channel EA is made for trend trader who prefer to trade with the trend. To make sure that the EA’s price channel doesn’t go against a main trend, the expert advisor is also equipped with a simple but powerful trend detector that can be used along with the channel’s trend. In a nut-shell, for a buy signal to be valid (and the EA to open a long trade), the trend must be an uptrend and the price channel rising; vice-versa for short trades.
The minimum profit above can be used as a breakeven to close baskets of trades, and it is useful to traders that do not feel comfortable with having baskets of opposite trades on the chart. For this option to be disabled, a very high amount can be entered as Minimum profit. This also accepts negative values, so the trades are closed when their profit reaches a certain loss or higher.
| Price Channel EA Rating | 9.44 |
| Yield per annum | 23% |
| Max drawdown per annum | 36% |
| Developer | RobotFX |
| Created, year | 2021 |
| Free | |
| Price | $149 |
| Class | short term |
| Type | grid |
| Lot size | not less than 1000 units per 0.1 of a standard lot |
| Deposit | $300 |
| Leverage | 200 |
| Timeframes | M5, M15 |
| Strategies | own strategy |
| Indicators | own indicators |
| Recommended brokers | FXCM, NordFX, MultiBank Group |
| Trading tool/currency pairs | EURGBP, EURUSD, USDCHF, USDJPY |
| Automatic account type | |
| Indicating | |
| Multiple usage | |
| Mini deposits | |
| Max risk limitation | |
| ECN | |
| NDD | |
| Several one-way series | |
| Auto start lot | |
| Fixed stop loss | |
| Fixed takeprofit | |
| Automatic lapse expansions |
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