MetaTrader 5
Experts
Indicators
Scripts
Libraries
StorageJoin our fan page
- Views:
- 87479
- Rating:
- Published:
- 2006.07.13 11:48
- Updated:
- 2016.11.22 07:32
-
You are missing trading opportunities:- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration Log inYou agree to website policy and terms of use
If you do not have an account, please register
-
Need a robot or indicator based on this code? Order it on Freelance
Go to Freelance
The Keltner Channel indicator locates the most important trends.
The indicator is based on principles similar to those used in Envelopes and Bollinger Bands. The difference is in that instead of percentage (Envelopes) or standard deviations (Bollinger Bands), the average true range is used here. The upper band is calculated as the moving average plus the average, for N periods, true range. The lower band is the moving average minus the average true range.
As a rule, the upper band detects that the market is overbought and that correction will most probably be down-directed. The lower band means that the market is oversold and that correction will most probably be up-directed.
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/8445