This utility calculates and draws lines over the chart. There are two types of channels:
- Channel A: the mainline is drawn using local Lows for uptrends and local Highs for downtrends.
- Channel B: the mainline is drawn using local Highs for uptrends and local Lows for downtrends.
The parallel line of both types is built, using the maximum fractal between the base points of the mainline. There are few conditions which have to be fulfilled and can be changed in the parameters (see also picture 4):
- The count of bars to the last base point of a line is called BarAge and has to be greater than the MinBarAge parameter.
- The length of the line starting at the first base point is measured in bars and has to be greater than the MinLength parameter.
- The ratio of the length between the base points of the mainline and the length of the whole line has to be greater than the MinLenfac parameter.
- The ratio of bars since the line was broken (PostBreak) and the unbroken line length has to be less than the MaxPostBreakfac parameter.
One feature of the utility is that the lines will fade out with incoming bars if they are near to the point that they do not fulfill the conditions (e.g. line is broken and PostBreakfac gets too big). That makes it easier to differ the lines. So the next parameters are just for visual effects:
- LineColor sets the main color of the lines.
- ColorFadefac represents the color intensity at the point the conditions are scraped through; 0 means main color, 1 means background color.
- FadeFac is similar to MinLenfac and sets the ratio when to start the fadeout.
The indicator works on all currency pairs and timeframes.