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Pivot Channels MT5

The indicator searches for the points of the beginning of correction or a turn. It gives good market entry points. It is simple to use and features rich configuration options for demanding traders. It will help you to find short-term and long-term trends.

Turn or divergence channels are drawn based on the search for divergence using the RSI indicator. The RSI values are calculated with different periods depending on channel properties. The indicator utilizes the idea of Elliott Wave patterns. It searched for divergence channels, the peaks of which are Elliott Waves 3 and 5. Also, these channels are often formed on the latest correction wave.

The channel is drawn based on two peaks with a divergence, and is drawn so that all the bars between these peaks were inside the channel.


Definitions

The channel can be in three consecutive statuses:not open, open and closed.

  • Not open - the state of the channel, when the channel border has not been broken.
  • Open - the channel border has been broken. Channel opening is the main indicator signal to enter the market.
  • Channel breakthrough is when a new bar is opened outside the channel.
  • Closed - the channel has been closed when conditions for its closure have been met. Channel closure may be a signal to close the order that has been opened based on the channel values.

The channel can be trend or simple.

  • A trend channel is the channel with a verified history of formation. Often trend channels are formed on the tops of impulse waves 3 and 5, and the opening of the channel indicates the beginning of correction to the impulse or the beginning of new trend formation.
  • A simple channel is a channel that has not been verified like a trend channel. Sometimes a simple channel can be formed on tops of correction waves, and opening of such a channel is a powerful signal for the development of a new impulse wave.

Based on the sizes, a channel can be parent or child.

  • A child channel is several times smaller than the parent channel (its length and/or height). A child channel defines a short term trend. A child channel is drawn as a dashed line.
  • The parent channel defines a longer term trend. A parent channel can go without child channels.

Any new open channel, which is larger than or comparable to the previous channel, closes the previous one.

  • Channel length is the number of bars between the channel peaks.
  • Wave in the direction of channel development (WCh) is the price movement from the minimum/maximum price inside the channel to its right peak. WCh and the channel are unidirectional.
  • Channel breakthrough wave (WBr) is the price movement from its right peak to a breakthrough. It is directed against the direction of the channel.


Position Closing Conditions

A channel can be closed in the following cases if the corresponding option in the indicator parameters is set:

  • If a larger or similar channel has opened.
  • On volatility breakthrough. If 'Closure type channel by type amplitude' is set to CLOSE_CH_V_TYPE, the channel will be closed when the price moves forth and back at the distance larger than the price channel or the height of the fifth wave (depending on the parameter) during the time equal to the channel length.
  • If the price has fallen/risen higher than the lowest/highest price of the channel.
  • If the channel lifetime is over.

All options except the reverse channel breakthrough can be enabled or disabled in the parameter group 'Conditions to close channels'.


Properties of Channels and Breakthrough Waves

  • Volatility of channel characterizes price colatility inside the channel (channel borders are its peaks). Changes from 0 to 1.
  • Spike of channel distribution of peaks (high/low) of bars relative to the lower or upper channel border. It is equal to the ratio of the number of peaks above the line separating the middle of the channel to the number of peaks below the line.
  • Spike of breakthrough is calculated similar to spike channel, but the interval of bars starts with the lower/upper price of the channel till the breakthrough for an upward/downward directed channel.
  • Force of breakthrough compares the speed of breakthrough and wave speed.
  • Relative wave length of breakthrough . If it is greater than 1, then the breakthrough wave is longer.
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!! 50 % OFF - BLACK FRIDAY SALE !! *All In One System Indicator, Breakthrough solution for any Newbie or Expert Trader ! Message Me Immediately After Purchase For Installation Help and V.I.P Access With Additional Strategies BlueDigitsFx Explains How To Use The System In Detail :  https://youtu.be/fIOWwWuE5ZQ BlueDigitsFx's Easy 1 2 3 System is an all in 1 Indicator with a variety of options to work with. Telegram Channel & Group  here Performs Amazingly with a Market Base Line for exa
49 USD
LT Easy Market
Thiago Duarte
Easy Market makes the market easier to trade. It allows you to see an "eternally" side (no trend) market, making it extremely easy to see when the price is overbought or oversold. Both trend and consolidation traders will like Easy Market. You can use it as an auxiliary window (below chart) or in full screen mode. See the screenshots and note how it gives you accurate entries! Free demo version:   https://www.mql5.com/pt/market/product/41869 Free signals emitter:   https://www.mql5.com/en/market
50 USD
Harmonic ABCD Monitor MT5
Mihail Matkovskij
Multi-currency, multi-timeframe, harmonic pattern indicator AB = CD. Supports sending push notifications about signals to a mobile device, messages on e-mail, as well as messages using alerts on all available currency pairs and timeframes. This indicator was based on the indicator Harmonic ABCD Universal. Version for MetaTrader 5:  https://www.mql5.com/en/market/product/44972 . See also: Harmonic ABCD Universal for MetaTrader 4 . Using modern software development methods has made the indicator a
230 USD
ZhiBiA
Qiuyang Zheng
This indicator is suitable for any variety on MT5 and any cycle, but the most suitable cycle is 30 minutes and 4 hours. It is simple to use, the arrows will never change, no drift, no backfire. The principle of this index is based on ATR and custom MA, combined with mixed computing, developed, high accuracy. Buy: Look at the green up arrow; Sell: Look at the red down arrow. The arrow appears and orders immediately! It is suggested that the two cycles should be looked at together, which
58 USD
Harmonic ABCD Universal MT5
Mihail Matkovskij
The indicator for trading on the signals of the harmonic pattern AB=CD. It gives signals and shows the levels of entry into the market, as well as levels for placing stop orders, which allows the trader to make timely decisions on entering the market, as well as effectively manage positions and orders. It supports sending push notifications to a mobile device, e-mail, as well as alerts. This indicator has been ported from the version for MetaTrader 4. For more information, as well as a detailed
99 USD
X Tick Chart
Artur Zas
Tick charts measure the number of transactions per bar. To give you an example if you have a 233 tick chart, each bar measures 233 transactions per bar and a new bar is plotted after 233 transactions. You can choose any number of ticks per bar but most traders choose Fibonacci numbers (1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233...). The indicator uses tick data to plot the historical tick chart for a particular setting and real ticks for plotting live charts. This method of calculation gives ve
45 USD
PZ Divergence Trading MT5
Arturo Lopez Perez
Tricky to find and scarce in frequency, divergences are one of the most reliable trading scenarios. This indicator finds and scans for regular and hidden divergences automatically using your favourite oscillator. [ Installation Guide | Update Guide | Troubleshooting | FAQ | All Products ] Easy to trade Finds regular and hidden divergences Supports many well known oscillators Implements trading signals based on breakouts Displays suitable stop-loss and take-profit levels Configurable oscilla
299 USD
Herrick Payoff Index
Konstantin Gruzdev
Herrick Payoff Index (HPI) confirms strong trends and helps to determine a moment when they change their direction, it also tracks prices, volume of trades and open interest (current liabilities) , combining them into one parameter . In MetaTrader 5, Herick Index can be displayed as a histogram or a linear chart for all trading instruments for which open interest is transmitted. Current liabilities or open interest represents the total volume of effective contracts (futures, options) for which t
49 USD
Divergence Scanner Macd Rsi 30 Pairs 8 Tf MT5
FXsolutions
This indicator is designed to detect the best divergences between price/MACD and price/RSI. MACD and RSI produce by far the best divergence signals therefore this indicator focus on those two divergences. This indicator scans for you up to 15 instruments and up to 21 timeframes for bullish and bearish divergences. You need to add the indicator only to one single chart ! The indicator will then automatically scan all configured instruments and timeframes. Important Information The indicator c
79 USD
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Version 3.4 2020.05.27
Fixed parameters names
Version 3.3 2020.04.16
Recompiled and fixed some mistakes
Version 3.2 2017.03.10
Improved search for channels.
Removed parameters that have little effect on the results.
Version 3.0 2015.03.27
Significantly modified and improved search of the trend channels.
Added a new channel type. Correction channel usually completes the correction and its opening is a signal for the continuation of the trend and the development of a new wave.
Version 2.3 2014.12.12
- Fixed a bug with displaying channel lines.
- Default value of "Draw Width" is now false.
- Improved channel search on higher timeframes.
Version 2.2 2014.12.02
- Fixed bugs with the lack of history data.
- Added channel drawing options.
If "Draw Width" is set to true, then the channels found on the higher timeframe will be drawn with a thicker line.
"WidthChannelLines" sets the width of the line in the current timeframe.
Version 2.0 2014.10.31
Improved search of pivot channels on higher timeframes. Now in the current timeframe, channels that are formed on higher timeframes are displayed better. It is important to have enough bars on the current timeframe specified in the parameter "Count of bars for analysis".
Version 1.50 2014.07.10
Fixed a bug in push notifications.
Version 1.45 2014.07.01
1. Fixed publication of channel properties when adding it.
2. Fixed calculation of RSI.
3. Added new option "Skip channels with crossing its upper bound". Values False allows adding channels with high/low prices crossing their borders instead of close prices.
Version 1.40 2014.06.19
Fixed trend channels search function.
Fixed display of the icon of a closed channel.
Fixed error in the calculation of "Volatility of channel"

Added input parameters:
1. Minimal distance between current bar and first peak of channel
Allows you to draw channels formed at the previous bar if 0 is set.
2. Delete channel if the filter condition is not fulfilled
3. Print information about added channels.
Allows you to publish information on some channel properties immediately after it has been added.
Version 1.30 2014.05.23
1. Added ability to set the "Push Notifications". Added new option "Enable Push Notifications".