- PriceChannel is designed for trend detection without the effect of accidental price leaps.
- It uses Price Series and a few moving averages for noise reduction.
- It works on multiple timeframes, even M1.
- To increase effectiveness, it is recommended to use 3 instances of PriceChannel with different parameters on one chart (see screenshots).
- You can use the following settings (for M1 charts):
- PriceChannel(10,2,30) Gold colour.
- PriceChannel(10,5,30) Blue colour.
- PriceChannel(21,8,13) Gray colour.
- Example of using this indicator: If Gold cross to Blue down and both gold and blue under the Gray, it could be a promising sell signal.
- Period: lookback period, default is 10.
- xfast: fast MA, default is 2.
- xslow: slow MA, default is 30.
Version 1.30 2018.09.19
three different parameters combined in one indicator.