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This indicator draws range channel (High-low) with 5 intermediate levels based on Fibonacci (38.2, 23.6, 50, 61.8).

It has the next inputs:

  • periods: Number of bars used to calculate the channel.
  • showupper: True/False ("True" to show the highest high price "False" to hide it).
  • showlower: True/False ("True" to show the lowest low price "False" to hide it).
  • showfirst: True/False ("True" to show 1st level price "False" to hide it).
  • showsecond: True/False ("True" to show 2nd level price "False" to hide it).
  • showthird: True/False ("True" to show 3rd level price "False" to hide it).
  • showfourth: True/False ("True" to show 4th level price "False" to hide it).
  • showfifth: True/False ("True" to show 5th level price "False" to hide it).
  • ColorUpper: Color of the highest high price.
  • pricewidthUpper: Size of the highest high price.
  • ColorLower: Color of the lowest low price.
  • pricewidthLower: Size of the lowest low price.
  • ColorSecond: Color of 2nd level price.
  • pricewidthSecond: Size of 2nd level price.
  • ColorThird: Color of 3rd level price.
  • pricewidthThird: Size of 3rd level price.
  • ColorFourth: Color of 4th level price.
  • pricewidthFourth: Size of 4th level price.
  • ColorFifth: Color of 5th level price.
  • pricewidthFifth: Size of 5th level price.
  • ma: Moving average calculation mode (simple, exponential, smoothed, linear weighted).
  • calculation: Calculation mode.
  • Range: Channel calculated using the highest high and the lowest low.
  • StDev: Channel calculated using standard deviation.

The lines are customizable (colours, style, width).

The above table shows the default settings that can be customized.

Note: This is a DEMO version that only works on AUDJPY charts. If you want the full version buy the product ChannelWlevels.

Maksym Mudrakov
2016.08.31 18:54 

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Version 2.0 - 2016.06.07
Added calculation mode options:
StDev: Channel calculated based on standard deviation.
Range: Channel calculated based on range between the highest high and the lowest low.
Version 1.10 - 2016.03.31
Added visible prices for every band. Price labels can be customized in color and size, and can be easily switched off by changing "true" to "false".