Channels Indicator MT5
- Ahmed Alaaeldin Abdulrahman Ahmed Elherzawi
- Version: 1.3
- Updated: 6 December 2021
Channels indicator does not repaint as its based on projecting the falling and raising channels.
As a trader you need a path to be able to place your buy and sell trades such as:
- Supply and Demand,
- Falling & raising channels.
Falling and raising channels can be in any time frame and also can be in all time frames at the same time and the price always flows within these channels. Experienced trades will draw the key levels and channels around the time frames. But, they will not be able to draw them on the small time frames as the price changes too frequent and channels will require continuous update.
This indicator will make your analysis easier than ever before by automatically draw the channels in up to 4 timeframes of your choice. Some traders may choose to scalp daily and others may choose to scalp in lower timeframes. So, all options were made available with the minimum inputs.
The Channels indicator is simple to use and can be loaded on any chart. It will start drawing channels the moment you attach it to any chart in seconds. I don't say that it is a 100% perfect score, but the entries in H1, H4 and D1 timeframes are very accurate most of the time.
You will easily spot nearly perfect entries using the Channels indicator along with the supply and demand indicator.
Each time frame can be given a color, so that you can easily identify the time frame by looking at the chart in seconds. Also, each line will be named according to the time frame, so that you will always see (H1) or (M15) for example next to each line.
Try this indicator simultaneously with the supply and demand indicator for the best results.