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Position in channel - indicator for MetaTrader 5

Victor | English Русский 中文 Español Deutsch 日本語 Português

votes: 24
2010.09.24 13:23
2016.11.22 07:32

The indicator shows the position of the current price in a channel.

First it determines the channel boundaries. The upper boundary is defined as the maximal value of High[], the lower boundary is determined from the minimal values of Low[]. If the current value of Close[0] is located in the middle of the channel, its value is equal to 0. The price position is determined relative to the upper (from 0 to 10) and lower (from 0 to -10) channel boundaries.

Input parameters:

  • Period - number of bars, used in calculation of the channel.
  • X Coordinate - the horizontal shift relative to the lower right corner.
  • Y Coordinate - the vertical shift relative to the lower right corner.

Position in channel

Translated from Russian by MetaQuotes Software Corp.
Original code:

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