The channel indicator plots a linear regression channel. First the indicator draws a trend line between two dots, then on its basis plots a channel of two parallel lines, which will be located at the same distance from the regression line. The distance to the regression line depends on the value of the maximum deviation of the closing price from the average line. If the price reaches the channel boundary or, which is better, crosses it, then the trend reversal is incoming.
The indicator proved itself best on the higher timeframes.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/13262
The Super Trend indicator not only determines the trend direction, but also helps to detect the Elliott waves.Equity Chart
The indicator displays the equity and balance charts.