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Channel Proximity Engine - library for MetaTrader 5

Conor Mcnamara
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This is a library which enables you to generate signals when the market price reaches the channel lines. Some people assume that when the price "comes close" to a channel line, that this is the entry signal, but in reality this is just a guess and not an informed trading decision.

This engine is more sophisticated as it first examines when the price came close (in percentage proximity) to a channel line, and then started to reverse (in percentage amount) from the extreme channel line. It is using a state machine to instruct these rules consistently.

The signal does not predict market direction; it simply alerts you that price has reached a channel boundary. This event serves as a critical inflection point. The price will either respect the boundary which would confirm the channel as a structural support or resistance level...or else it will aggressively break through it.

This could be used with any channel. In this case, I use it with the Donchian channel.

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