Discussing the article: "MQL5 Wizard Techniques you should know (Part 63): Using Patterns of DeMarker and Envelope Channels"
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Check out the new article: MQL5 Wizard Techniques you should know (Part 63): Using Patterns of DeMarker and Envelope Channels.
The DeMarker Oscillator and the Envelopes' indicator are momentum and support/resistance tools that can be paired when developing an Expert Advisor. We therefore examine on a pattern by pattern basis what could be of use and what potentially avoid. We are using, as always, a wizard assembled Expert Advisor together with the Patterns-Usage functions that are built into the Expert Signal Class.
For this article, we are pairing a momentum oscillator with a support/resistance channel. This may seem like an odd pairing, considering that most indicator pairings typically involve a trend following indicator, however this route could be explored because: of a need to avoid lags from trend identification; or a focus on mean reversion plays; or a need for a simpler trade system; or the need to adapt to choppy or range-bound markets; or the need to exploit momentum divergences, etc.
We therefore pair the DeMarker a momentum oscillator with the Envelopes Channel a support/resistance tool. In doing so, we are going to look, as always, at the top 10 patterns from pairing these two while testing with the GBP USD pair. We are testing for the year 2023 on the 4-hour time frame and are performing forward walks or the year 2024.
Author: Stephen Njuki