Standard Deviation Channel MT5
- Version: 1.7
- Updated: 5 June 2023
- Activations: 10
- Alert, Notification and Email when price reaches a level.
- Second channel possible.
- The Channel updates with every new bar, so moves along with time.
- Does not repaint.
- Generate a signal in your EA.
Standard Deviation Channel is built on base of Linear Regression Trend representing a usual trendline built between two points on the price chart using the method of least squares.
As a result, this line proves to be the exact median line of the changing price.
It can be considered as an equilibrium price line, and any deflection up or down indicates the superactivity of buyers or sellers respectively.
Standard Deviation Channel consists of two parallel lines, equidistant up and down from the Linear Regression Trend.
The distance between frame of the channel and regression line equals to the value of the standard deviation of the close price from the regression line.
All price changes take place within Standard Deviation Channel, where the lower frame works as support line, and the upper one does as resistance line.
Prices usually exceed the channel frames for a short time.
If they keep outside of the channel frames for a longer time than usually, it forecasts the possibility of trend turn.
- Bars - how many bars
- Bars back from current bar (0) - last point (most right) of the channel. Current bar is bar #0.
- Channel 1 Deviations
- Channel 1 Color
- Channel 1 Line Style
- Channel 1 Line Width
- Draw Channel 2
- Channel 2 Deviations
- Channel 2 Color
- Channel 2 Line Style
- Channel 2 Line Width
- Center Line Color
- Center Line Style
- Center Line Line Width
- ------------ Alerts
- Show Alert
- Send Notification
- Send Email
- On Channel 2 TOP
- On Channel 1 TOP
- On CENTER
- On Channel 1 BOTTOM
- On Channel 2 BOTTOM
- Disable on Start Up - to enable/disable this first alert if current bar covers a line (level) each time you deploy the indicator or change a setting
Sending Notifications and Emails has to be configured in the Trading Platform as well and Events has to be enabled for the Alert.
Go to Tools/Options/Notifications (or Email or Events) tab.
If you need help with that then click Help on those tabs or hit F1.
It is possible to generate a signal in your EA.
You can read the 5 indicator buffers (0 to 4):
- center = Line Index 0
- top_channel_1 = Line Index 1
- bottom_channel_1 = Line Index 2
- top_channel_2 = Line Index 3
- bottom_channel_2 = Line Index 4
Many green pips!
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