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2011.08.05 15:11
Indicators

Keltner Channel - indicator for MetaTrader 5

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\MQL5\Include\

Keltner Channel is volatility-based envelopes set above and below an exponential moving average.

The indicator is named after its author Chester Keltner who first described his system based on the 10-period moving average in his 1960 book "How to make money in Commodities".

The indicator consists of price envelopes or bands that are located above and below the exponential moving average by means of multiplying its value by the value of the Average True Range. The channels are surely quite interesting. Firstly, because they brilliantly join together two indicators: moving average and ATR.

Calculation method is as follows:

Keltner Upper Channel = MA (close, x) + (m * ATR (y))
Keltner Lower Channel== MA (close, x) - (m * ATR (y))

where:

  • x - MA period;
  • m - coefficient;
  • у - ATR indicator period.

Indicator uses СMoving_Average class of the SmoothAlgorithms.mqh library. Working with this class was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".

  • SmoothAlgorithms.mqh must be placed in the terminal_data_folder\MQL5\Include\
  • Keltner_Channel.mq5 must be placed in the terminal_data_folder\MQL5\Indicators\

Keltner Channel

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/399

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