Channels for prices
The indicator plots horizontal channels. If the price breaks the boundary of the channel, the channel is shifted. The channel boundaries serve as the support and resistance levels, and the areas bordering the channel boundaries can be used as the overbought and oversold areas. The Channels for prices indicator perfectly works during a flat when combined with the indicators like Stochastic, RSI and operates as a confirmation indicator.
Configuring the indicator is very simple (no need to change anything) and consists of two blocks:
- Block 1. Configuration of the grid step for the timeframe the EA is running on.
- Block 2. Customization of the EA color scheme.
You can evaluate the indicator in the strategy tester, as well as download the free trial version (only EUR/CHF and EUR/GBP, M1 and M30 timeframe)
Hopefully the Channels for prices indicator will be useful for you, and if so, give a thumbs up. I will appreciate that as the author! Thank you!