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CustomChannel

This indicator draws range channel (High-Low) with 8 customizable levels based on percentages of the range.

It has the next inputs:

  • periods: Number of bars used in calculation for the range.
  • A-H: 1st-8th levels based on percentage of range (set it at 0 if you do not want to see this level).
  • showupper: True/False ("True" to see the highest high price "False" to hide it).
  • showlower: True/False ("True" to see the lowest low price "False" to hide it).
  • showfirst: True/False ("True" to see 1st level price "False" to hide it).
  • showsecond: True/False ("True" to see 2nd level price "False" to hide it).
  • showthird: True/False ("True" to see 3rd level price "False" to hide it).
  • showfourth: True/False ("True" to see 4th level price "False" to hide it).
  • showfifth: True/False ("True" to see 5th level price "False" to hide it).
  • showsixth: True/False ("True" to see 6th level price "False" to hide it).
  • sowseventh: True/False ("True" to see 7th level price "False" to hide it).
  • showeighth: True/False ("True" to see 8th level price "False" to hide it).
  • ColorUpper: Color used for the highest high price.
  • pricewidthUpper: Size used for the highest high price.
  • ColorLower: Color used for the lowest low price.
  • pricewidthLower: Size used for the lowest low price.
  • ColorFirst: Color used for 1st level price.
  • pricewidthFirst: Size used for 1st level price.
  • ColorSecond: Color used for 2nd level price.
  • pricewidthSecond: Size used for 2nd level price.
  • ColorThird: Color used for 3rd level price.
  • pricewidthThird: Size used for 3rd level price.
  • ColorFourth: Color used for 4th level price.
  • pricewidthFour: Size used for 4th level price.
  • ColorFifth: Color used for 5th level price.
  • pricewidthFifth: Size used for 5th level price.
  • ColorSixth: Color used for 6th level price.
  • pricewidthSixth: Size used for 6th level price.
  • ColorSeventh: Color used for 7th level price.
  • pricewidthSeventh: Size used for 7th level price.
  • ColorEighth: Color used for eighth level price.
  • pricewidthEighth: Size used for eighth level price.
  • ma: Method to calculate moving average (Simple, exponential, smoothed, linear weighted)
  • calculation: Range calculation mode.
    • Range: Channel calculated using the highest high and the lowest low of x bars.
    • StDev: Channel calculated using standard deviation.
A-H inputs:

Set the percentage of the range you want to see in every level (without using "%") or set it at 0 if you do not want to see the level.

Example: If you set 12 it will draw the 12% level of the range calculated on the bars you specified in the "periods" input.

Every level can be customizable (colour, style, width).

# Colour Width Style
0 Red 1 0
1 Red 1 0
2 PaleTurquoise 1 0
3 DarkGray 1 0
4 DarkOrchid 1 0
5 Chocolate 1 0
6 Turquoise 1 0
7 Blue 1 0
8 Purple 1 0
9 Aqua 1 0

The upside table shows the default settings (colour, width, style) set it as you like.

Abdullah Alrai
49188
Abdullah Alrai 2016.06.07 12:01 
 

good indicator i glad to use it as filter to my orders

Version 2.0 2016.05.26
Added new calculation mode:
-StDev: Channel calculated using deviations and levels based on % of that channel.
-Range: Channel calculated using highest high and lowest low and levels based on % of that channel.
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".