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Classic Keltner Channel

This indicator works depending on the classic ten-day moving average rule described by Chester W. Keltner (1909–1998). All parameters are set to the classic version of Keltner system by default, while the user can change them if he want.


About Keltner Channel Formula

  1. Calculate the Center Line as a simple moving average from the Typical Price (= (High + Low + Close) / 3).
  2. Calculate The Average Daily Range (ADR) which is the average difference between high and low, with the same period and calculation method for the center-line.
  3. Keltner Buy Line = Center Line + ADR.
  4. Keltner Sell Line = Center Line – ADR.


Keltner 10 day moving average rule

  1. When price line close above Keltner Buy Line then buy. Use Keltner Sell Line as a stop and reverse from buy to sell.
  2. When price line close below Keltner Sell Line then sell. Use Keltner Buy Line as a stop and reverse from sell to buy.


Features

  • Well-designed style that user can control.
  • Keltner Channel colored depending on trend direction.
  • Buy, Sell arrows to help identifying trend signals.
  • Sound, email alerts depending on user choice.


Settings

  • Candles. Number of candles used in bands calculations (default is 10 candles).
  • MA_Method. Moving Average type used in calculations (Simple Moving Average is default).
  • Price_Applied. Price used in Keltner Center Line Calculations (Typical Price is default).
  • Multiplier. How much far will the Keltner Buy/Sell line will separate from their Center Line (default is 1.0).
  • Up_Color. Color of Keltner Buy Line and Sell arrow (default is Red).
  • Median_Color. Center Line Color (default is Gray).
  • Down_Color. Color of Keltner Sell Line and Buy arrow (default is Blue).
  • Style_Width. Choose the width of the bands (median line will always be a dotted line).
  • Alerts. Choose to use or stop alert sound and message (default is true).
  • Text_BUY. Buy Alert message.
  • Text_SELL. Sell Alert message.
  • eMail_Send. Option to send notification to the user (default is false).
  • Notification_Send. Option to send notification to the user (default is false).

I hope you find Classic Keltner Channel a good investment tool for you.

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