No matter which strategy you are using, channels are must check indicator. Most channel based indicators shows the very similar results. This support and resistance indicator is based on fractial indicator and works just fine for me.
The name of indicators: Fractal Support & Resistance Levels, it’s very simple to use MT4 indicator.
This simple indicator calculate support and resistance levels (channels) based on MN1, W1, D1, H4 and H1 fractals.
How to trade with Fractal Support & Resistance Levels
Basicaly there is two ways to trade channels:
1. You trade channels as support and resistance
2. or you can trade breakouts on support and resistance levels
Update: To include arrows from image above you need to add/applay Fractal indicator (this indicator is in metatrader list by default) from your MT4 platform!