Hey fellow traders! Today, let's dive into a powerful tool that can help you navigate the market with more confidence—the BSI Trend and Channel Indicator for MetaTrader 5.
This nifty indicator is designed to showcase trend lines and channels based on the BSI Indicator. It kicks off by assessing the market trend using BSI, and then it draws trend lines or channels according to specific conditions. The trend line is generated using a regression line, while the channels are created with a tango line.
Here’s what you can expect on your chart:
- Orange dashed line: This represents the trend line or channel (high).
- Blue dashed line: This marks the trend line or channel (low).
- Red marker: Indicates a reversal bar (high).
- Blue marker: Indicates a reversal bar (low).
- Pink line: This is the tango line, which shows your potential entry level.
- Magenta line: This is the moving average of the tango line.
- Red dotted line: Displays the BSI value.
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