The Channel Scalper indicator is designed for scalping, it works on all currency pairs and timeframes. The indicator generates signals in the form of channel and arrows. The channel has three levels - "Upper value", "Middle value" and "Lower value". The indicator does not redraw. When the channel is broken up or down, the indicator draws an arrow in the opposite direction, and a pop-up Alert appears, showing the currency pair, the recommended trading direction and the current price. The Sensitivity, Period and Bar Shift input parameters allow to select the sensitivity of the indicator.
When trading based on arrows, it is advisable to wait for the confirming signal, namely, the price returning inside the channel.
- Sensitivity - sensitivity of the indicator. Recommended values are 0 to 20.
- Period - number of bars for calculating the channel's parameters. Recommended values are 5 to 25.
- Bar Shift - shift of the channel relative to the current bar. Recommended values are 4 to 8.
- Arrow Shift - distance between an arrow and the bar high/low. Valid values are 0 to 50.
- Alert - pop-up alert about the price breaking through the channel.