Abiroid Iterative Gaussian Channel MT5

Detailed blogpost:

https://www.mql5.com/en/blogs/post/766378

Key Features

• Adaptive Upper/Lower bands
• Smooth Center Line
• Customizable Length (sensitivity)
• Non-Repainting (only current ongoing bar is updated every "Refresh After Ticks" number of ticks)
• Multiple Price Sources - Choose from close, open, high, low, median, typical, or weighted close

Components:

The Basis Line

The smooth center line represents the weighted average of price. Think of this as the "true" price level when all the noise is removed.

Price trades above the basis line, buyers are in control; below - sellers are in control

And price will keep coming back to this center line

The Upper/Lower Bands

These represent the boundaries of the channel. They separate when volatility increases and contract when volatility decreases. Price reaching or exceeding these line signals potential:

• A strong continuation if price is trending up (above upper) and trending down (below lower) bands
• A reversal if price briefly touches them and reverse during a pullback - especially if center line indicated sideways market