- Version: 2.2
It is a custom non-repaint indicator to identify trade opportunities in swing action as prices move within an upper and lower band. Inspired by the Keltner Channel, the most popular channel Indicator introduced by Chester Keltner. It is different with a Bollinger Bands. It represents volatility using the high and low prices, while Bollinger's studies rely on the standard deviation.
The algorithm for this indicator is also available in the EntryMaximator EA. Including the option to use it or not. This indicator can help to understand then apply to the EA work system.
We customized it by adding the trends exactly in the middle line, arrows when price cross-over the outer lines while following the trend and Fibonacci Levels Lines.
- Customizable Trend Period.
- Customizable Channel Deviation.
- Alerts. It sends alerts if price cross-over the outer lines + trend direction + fibo level. Including Email, Mobile Notification and PopUp Window.
- Auto Drawing Fibonacci Levels lines and can be set false to turn it off.
- Auto Drawing Cross-Over Arrows. The Arrows are only drawn in the right trend.
This Indicator is related to the system here.