This is a price channel indicator. It is plotted based on values of the selected indicators:
- Moving Averages
The indicator can very well be used to visually detect flat and its breakouts, as well as further trend. It can greatly complement your strategy.
The default parameters are configured for EURUSD H1 (They are currently optimal for detecting flat).
- PeriodMA - period of the Moving Average;
- MetodMA - calculation method (0-SMA, 1-EMA, 2-SMMA, 3-LWMA);
- PriceMA - calculation price (0-Close, 1-Open, 2-High, 3-Low, 4-Median, 5-Typical, 6-Weighted);
- PeriodATR - period of ATR;
- M_ATR - ATR multiplier (the number of ATR values to be used in plotting the channel).
- This is not an independent trading system.
- To use the indicator, you need to have MetaTrader 4 build 600 (or higher).