Technical Indicators for MetaTrader 4
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MetaTrader 4
Top Rated Products MT4
Overview
This indicator displays an equidistant price channel, identifies short-term trends and automatically finds the best levels for the upper and lower borders of the channel. It is optimized for major timeframes and currency pairs.
Advantages
- visualization of short-term trends
- automatic setting of upper and lower channel borders
- suitable for scalping strategies based on a rebound from the channel borders
Parameters
- smooth - border smoothing coefficient. The default value is 1;
- pricetype - use Open or High\Low prices. The default value is 0;
Additional Information
For bearish trend, it is better to open a position from the upper border and close them when you touch the bottom. For bullish trend, open the position by touching the lower border and close at the top. If the channel borders are position horizontally, it is possible to trade in both directions.
When creating an Expert Advisor, the following buffers of this indicator are used: 0 - the value of the lower channel, 1 - the value of the upper channel.
