This trend indicator automatically generates channel lines in the direction of a trend.
The indicator is quite simple, it is based on the assumption that the price moves from the upper line to the lower one or vice versa.
In case the price has reached the upper line and the channel lines are directed upwards, we should set a sell order at the price rollback from the upper line. As soon as the price reaches the lower channel line, we should set a buy order at the price rollback. The middle line is a dashed one. If the price is located near the middle line, we should wait for the price extreme deviation up to the channel lower or upper level.
The channel itself changes its direction slowly and without any abruptness. In case the channel is changing its direction, the price reversal has started. In such a moment it is better to open positions only from the opposite channel line in the direction of the channel reversal. It may take some time to get used to this indicator and understand its behaviour. The indicator is quite good and works with any timeframes.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/530
The indicator generates continuous lines of the relative average bullish and bearish power.ZigZag + Fibo
ZigZag indicator allowing to set Fibo levels at two last extremums.