⭐⭐⭐⭐⭐ This is a price channel that shows five important price levels on the chart. Those levels are:
- The Highest High (HH) of the previous x bars.
- The Highest Low (HL) of the previous x bars.
- The Center Line.
- The Lowest High (LH) of the previous x bars.
- The Lowest Low (LL) of the previous x bars.
- Try Bermaui Channel Demo version: https://www.mql5.com/en/market/product/47663
- How to use the buffers to build your own expert advisor: https://www.mql5.com/en/blogs/post/734560
How does Bermaui Channels Captures
Think of the distance between HH and HL levels as an overbought area.
When the price candles or bars crosses the HL to the upside this indicates that prices are getting inside its overbought area.
When the price candles or bars crosses the HL to the downside this indicate that prices are getting outside its overbought area.
When the price candles cross the HH it creates a new high. This might indicate the beginning of a new uptrend that continues in progress until prices reverse its direction back again to the downside.
How does Bermaui Channels Captures
Think of the distance between LL and LH as an oversold area.
When the price candles or bars crosses the LH to the downside this indicates that prices are getting inside its oversold area.
When the price candles or bars crosses the LH to the upside this indicates that prices are getting outside its oversold area.
When the price candles cross the LL it creates a new low. This might indicate the beginning of a new downtrend that continues in progress until
prices reverse its direction back again to the upside.
Bermaui Channel Features
- Bermaui Channel does not repaint or recalculate its results.
- It works on cryptocurrencies, stock, index, oil, gold, and on all time frames.
- Sound, email alerts and Mobile Notification.
- Buy, sell arrows to help to identifying trend signals.
- Well-designed parameters to help the user easily navigate between them.
- Buffer to build your own expert advisors.
- Two different color lists to choose from.
- The ability to draw overbought & oversold as price candles or bars.
Bermaui Channel Parameters
Candles. The number of candles used in BD% calculations (Minimum is 2).
Shift. The number of bars to backward shift. The default is one.
Sound Alert: The default is true.
Send Email: The default is false.
Send Notification: The default is false.
Colors List: You can choose between two color lists, or you can choose to (Do Nothing).
Show Price Label. At the edge of the channel. The default is true.
Price Label Width. The default is one.
Show OB/OS as: 1. Bars| 2. Candles| 3. Hide
Overbought Area Color. The default is Teal.
Oversold Area Color. The default is Tomato.
Bullish Candles Color. The default is Green.
Bearish Candles Color. The default is Red.
Candle Wicks Width. The default is one.
Candle Body Width. The default is four.
Bars Width. The default is three.
I hope that Bermaui Channels help you with your trading. Please, contact me if you have any questions. I wish you good trading.
Enjoy the game
Muhammad Al Bermaui, CMT
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