The AssistantTraderKeltner indicator plots three lines (Keltner channel) on the price chart. The middle line is a simple moving average, the upper and lower lines are obtained by adding and subtracting the moving average of the daily price range (difference between High and Low) from the middle line. Therefore, it forms a channel based on volatility.
- MA_Period - period of the moving average (middle line).
- Mode_MA - type of the moving average (middle line).
- Price_Type - price type for the moving average (middle line).
Tips on the Indicator Use
The classic use of this indicator is trading the rebounds from the upper and lower lines. Take profit should be placed near the middle line, with stop loss beyond the breakout of the upper or lower line depending on the trading direction.
Combining this indicator with the MultiFiboDynamic indicator results if a free powerful trading system.