The Momentum Channel indicator works according to the daily price index. The indicator is used to analyze the parity price. This analysis is done through channels. channels are used to find trend return points.
The indicator has 3 channel lines. these are the lines at 30, 50, and 70 levels. The 70 level is the overbought territory. Price movements in 70 and above indicate that the chart will fall in the near future. Price movements at 30 and below indicate that the chart will rise in near future.
- Period - The indicator setting is done here. recommended setting 21
- Overbought - Overbought territory is set here
- Oversold - Oversold territory is set here
- Channel_Width - Channel line width is set here.
- Channel_Color - Channel line color adjustment is done here