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Cap Channel Trading

Trade extreme overbought and oversold conditions with CAP Channel Trading Indicator. Download this indicator and get alerts on profitable trading signal. Good indicator for scalping the markets.

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Description

The Cap Channel Trading MT4 indicator is an amazing indicator to identify the overbought and oversold forex price conditions. It employs an advanced envelope theory to identify these extreme conditions. Additionally, it provides alerts at these levels so forex traders can trade the markets profitably.

Features Of Cap Channel Trading MT4 Indicator

The indicator plots a mid line and upper and lower channels on the price chart. Moreover, it places blue dots if price moves above the upper band and a red dot if price breaches the lower channel. Additionally, it provides alerts so traders can capitalize on every trading opportunity of this forex technical analysis tool.

Generally, price tends to stay between the bands and a breach of the bands is considered overbought or oversold condition and warrants an entry. If price moves above the upper band it is considered overbought so traders should look to open a sell trade. Similarly, if price moves below the lower band and signals an oversold condition, so traders should open a buy position.

Benefits Of Cap Channel Trading MT4 Indicator

Forex traders using oversold and overbought trading strategies to enter and exit the market will benefit the most from this indicator.

The trade signals originate from extreme conditions and tend to be more profitable. So, most traders hold the open positions from upper channel to lower and vice versa.

The indicator adapts according to the price swings and changes the width of the channel to accommodate all market conditions. So it is suitable for all types of forex traders including scalpers, short and long-term forex traders and works well on all chart time frames.

Indicator Settings Description

TimeFrame: Chart time frame for calculation.

HalfLength:, Price:, BandsDeviations:. Interpolate: A change in the value increases or decreases the width of upper and lower band.

alertsOn:, alertsOnCurrent:, alertsOnHigLow: Enables alerts.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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