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Donchian Channel Indicator
Donchian channel MT4 indicator. Best for breakout trading. Provides forex trend direction entry, exit and retracement trading opportunities. Free Download.
The Donchian Channel Indicator is a trend following MT4 indicator. Traders mainly use it to identify the beginning of a new trend direction and trading breakout and trend following strategies.
The indicator not only provides the best entry points but also provides additional re-entry points during pullbacks. The channel width increases during volatile markets and reduces in a low volatile trading environment. As a result, traders use the Donchian Channel Indicator to measure the market volatility.
The indicator forms an integral part of many trend-based forex trading EA as traders can automate it easily. Traders can apply the indicator to any time frame and is suitable for all kinds of trading, including swing trading and scalping. Donchian Channel Indicator for MT4 is available as a free download and is easy to install.
Donchian Channel MT4 Indicator Trading Method
The above EURUSD M30 chart shows the Donchian Channel Indicator for MT4 in action. The channel is drawn based on the low and high prices during the defined period in indicator settings. The inclination of the channel corresponds to the direction of the market trend. Obviously, the channel moves sideways during a sideways market. Thus the Donchian channel indicator provides the direction of the trend.
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