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closeflatchannel.mq5 (5.64 KB) view

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Algorithm for calculation:

Find the highest and the lowest closing price for the stated period and check whether they located within the boundaries of the range specified.
If point 1 is claimed, find the highest and the lowest price value for a period, add / subtract padding and draw the boundaries of the channel.
If "Consider previous boundaries" parameter is true, previous channel boundaries will be considered, if there was such a channel on the previous bar.

CloseFlatChannel (InpTakePrev = true)

Recommendations:

The indicator was created to determine the levels for placing stop orders on the breakthrough of a flat.
It should be considered that if the distance between the closings on large timeframes will be too low, the indicator may not display anything because simply will not find appropriate situations.

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/1133

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Close Flat Channel - indicator for MetaTrader 5