The Price Channel indicator calculates the highest high and lowest low for the price values of bars.
Lines show the highs and lows, on which they are drawn. When the market moves above the upper line, this means the market is becoming stronger. Accordingly, when the price falls below the lower line, this means the market is weak. Steady movement above or below the previous levels of the channel may indicate s major breakout.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 29.12.2005.
Fig.1. The PChannel indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/15191
A trading system based on the signals of the Go indicator.Exp_FiboCandles
A trading system based on the signals of the FiboCandles indicator.
The Price Channel indicator with the background filling inside the channel.PChannel3_Cloud_Digit_Grid
The Price Channel indicator with the color filling inside the channel, drawn as a cloud, with the display of the last values as price labels and the possibility to round the channel levels up to a required number of digits, and a price grid with these rounded values.