Algorithm for calculation:
- Define the highest and the lowest price value for a period and check if they located within the boundaries of the range specified.
- If point 1 is claimed, add / subtract padding from the found values 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.
- 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 specified range on the large timeframes will be too low, the indicator may not display anything because simply will not find appropriate situations.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1134