Market / MetaTrader 5 / Indicators /

Standard Deviation Channel MT5

30 USD

Demo downloaded: 161

Published: 24 October 2018

Current version: 1.7

Standard Deviation Channel MT5

Item: Standard Deviation Channel MT5
Author: Landfar

Indicators
WaltSoft
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.

Description

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.

(reference www.metatrader5.com)

Settings

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

Remark

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!

Walter

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The WaltSoft Log Spread Indicator will log the Average Spread on the chosen Interval and create a .csv file in the MQL4/Files folder or when testing in the tester/files folder. Meant to be used on a life chart, but can be used in the Strategy Tester. However, an Indicator in the strategy Tester will always run in visible mode, so the test could take a longer time. If you want quicker results in the Strategy Tester then you can download the free EA version here: https://www.mql5.com/en/market

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The WaltSoft Log Spread EA will log the Average Spread on the chosen Interval and create a .csv file in the MQL4/Files folder or when testing in the tester/files folder. Typical use Meant to be used in the Strategy Tester to check the spread on the history data. If you are testing an EA with the Tick Data Suite on downloaded history data with variable spread, then you have no clue if the spread from 10 years ago is the same spread you have today on the same pair, and so you may want to adjust

30 USD

The WaltSoft Fibonacci Patterns SCOUT searches for Fibonacci Patterns, also called Harmonic Patterns, and displays the results in a clear table. The WSFP SCOUT can search for 16 different Patterns plus 1 Custom Pattern and can process up to 28 Instruments and up to 9 Time Frames at once. It refreshes every second and alerts you when it finds a new pattern. Clicking on a Pair-Time Frame combination will open the relevant chart and displays the patterns which you then can trade manually. Take

99 USD

30 USD

99 USD

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Landfar 2021.01.05 12:46 #

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Reply from developer Walter Abrahams 2021.08.10 10:57 #

Hi Landfar, I only see your review now. I don't understand because I never asked for a review and problems with purchases should be directed to the mql5 helpdesk and not in a review. Anyway, here is a guide on how to purchase a product: https://www.mql5.com/en/articles/498 Hope this helps.

Version 1.7 2023.06.05

- Replaced setting "Include Current Bar (Redraw?)" by "Bars back from current bar (0)" = 1

Version 1.6 2022.04.07

1. Changed default setting:
- Include Current Bar (Redraw?) --> set to NO

Changed settings for Alerts to:
- On Channel 2 TOP
- On Channel 1 TOP
- On CENTER
- On Channel 1 BOTTOM
- On Channel 2 BOTTOM
So now Alerts are possible for separate scenarios.

2. Added information in Alerts:
- Channel Top or Bottom touched from the Inside or Outside. (from Below or Above for center of the channel)

Version 1.5 2021.10.10

- For the Alerts, added settings "On Upper Line(s)" and "On Lower Line(s)" so that separate alerts and notifications can be set for upper and lower lines of the channel.

Version 1.3 2020.12.18

Added settings to set color, style and line width of channels

Version 1.2 2020.03.11

Bug fix: it drew 1 bar too little