Regression channel breakout indicator draws trend channels on a selected timeframe along with market entry signals and targets. Download Regression channel breakout indicator mq4 for free and test it out yourself.
How to use regression channel breakout indicator?
The channel breakout indicator can be used on any major instrument and relatively on any timeframe. Although 15min and H1 timeframes would be preferable.
Market should be entered according to the signal projected based on the direction of a break out and the underlying trend.
Nearby support or resistance level is indicated by a green arrow which can be taken as the main target. Alternatively, you can use trailing stops, price cation, or any other preferred method.
Stop loss should be placed above or below the opposite channel boundary. Lastly, risk per entry should be proportional to the traded timeframe. The lower the timeframe, the lower risk per order should be taken.
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