Source code library - Expert Advisors, Indicators and Scripts

Logo:

Description:

This is the improved version of Price Channel indicator. Two additional price levels, trade signals and Stop Loss/Take Profit levels were added.

The signals and Stop Loss/Take Profit can be disabled in input parameters. The indicator with price levels, signals and disabled Stop Loss/Take Profit is shown at the figure below:

Image:

All the prices are named, the name of the level is shown in the tooltips.

The price levels are:

• H_PCH - calculated on High price of the bars;
• MH_PCH - calculated as as a middle line between the maximum and center of the price channel;
• M_PCH - calculated as a middle (center) line between the maximum and minimum values of the price channel;
• ML_PCH - calculated as the middle line between the minumum and center of the price channel;
• L_PCH - calculated on Low prices of the bars.
  

All the signals are based on price crossover with these levels:

1. Upward crossover of ML_PCH (buy signal) / Downward crossover of MH_PCH (sell signal);
2. Upward crossover of M_PCH (buy signal) / Downward crossover of M_PCH (sell signal);
3. Upward crossover of MH_PCH (buy signal) / Downward crossover of ML_PCH (sell signal);
4. Upward crossover of H_PCH (buy signal) / Downward crossover of L_PCH (sell signal);

Indicator parameters:

The indicator with one condition and enabled Stop Loss (bars)/Take Profit (squares) levels is shown at the figure below:

Additional info:

The indicator logo (logoMultiSignals_PCH_64x64.ico) can be found in the attached archive logomultisignals_pch_64x64.zip.  This file must be placed to \MetaTrader 5 data folder\MQL5\Images.

Translated from Russian by MetaQuotes Software Corp.
Original code: http://www.mql5.com/ru/code/887