Hello!
I’d like to trace objects in four different directions (North, West, South, East) from single object. So I create four functions (Single Line Trace by Channel) and give them single start point. Their end points are made by Vector addition.
It works but is it correct way to implement tracing or there is a better way to approach my goal?
Here is Blueprint screenshot.
That looks fine to me 
That look fine to me too. If you wanted to make it cleaner, you could make a vector array variable and do a foreach loop for each vector, but it would be doing the same thing.