Market / MetaTrader 5 / Indicators /

TB5 Channel

50 USD

Demo downloaded: 85

Published: 7 November 2021

Current version: 2.5

TB5 Channel

Indicators
Oleksandr Myrhorodskyi
Version: 2.5
Updated: 13 February 2022
Activations: 10

TB5 Channel is a multi- timeframe channel indicator. It generates input points on different timeframes.

There are 2 methods for constructing an indicator.

The first method is to install the indicator on the current timeframe. In this case you will have a channel on that timeframe that you have at MT5.

The second method to install an indicator is to multiply it by the timeframe index. The point of the second method is to construct a higher timeframe channel on the current chart. For example, if you need to construct the H4 timeframe channel on the H1 chart, then you select the "Timeframe index multiplication" method of plotting and specify the value +3 in the "Timeframe increase index from the current" line and you will see the H4 timeframe channel on the H1 chart. If you increase the chart from H1 to H2, you will automatically increase the channel from H4 to H8. The same applies to the direction of decreasing the timeframe, when the chart decreases from H1 to M30, the constructed channel of the H4 timeframe will become the H2 channel, etc.

That is, if you specify a value + 3 on the chart H1, you will automatically add a timeframe channel H4, it will be colored in a different color and point to the channel line information that is a time channel H4 (TV5 H4). If, for example, you want to install the D1 timeframe channel on the H1 chart, then you set the value to + 12 in the parameters and you have the D1 timeframe channel, it will also be automatically colored in a different color.

Thus, you can install channels of any timeframes on one chart. that will facilitate trade decisions.

Signals on the current timeframe may change due to a sudden change in price direction, but if you set two channels - the first channel H1 and the second channel H8 - on the H1 chart, you have the highest probability of having the right points of entry for both sale and buy.

An example of channel construction on the H1 chart using the H1 and H8 timeframes on screenshots, and how to chart and apply different timeframes look at the fourth screenshot (JIF animation) and the video.

I wish you all a profitable trade.

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Version 2.5 2022.02.13

1.Fixed the error of displaying the indicator in the mode without interpolation on the
higher timeframe. There may be a display problem on holidays and weekends, as this
due to the fact that the indicator opens itself on a higher timeframe and does not
has time to display in one tick. And since the next tick is a tact, and it is not, then
it will be wait for the next tick, i.e. trading day. But this is easily eliminated by
switching from one timeframe to another and back, and then the indicator will be displayed.
2. Returned the signal arrows for exiting the channel border on the higher timeframe, they
slightly different from the channel arrows on the current timeframe. They can be disabled
in the settings.

Version 2.4 2022.01.14

Fixed display error of Multiply by timeframe index. Now the indicator is built much faster.
When building a channel for a higher timeframe, the arrows were removed.

Version 2.2 2021.11.14

V.2.2 TB5 Channel what improvements have been made.
1. The second way of constructing the indicator has changed from increment to multiplication. The meaning remains the same - it is constructing a higher timeframe channel on the current chart. But the construct method is now easier to use. For example, if you need to construct the H4 timeframe channel on the H1 chart, then you select the "Timeframe index multiplication" method of plotting and specify the value +3 in the "Timeframe increase index from the current" line and you will see the H4 timeframe channel on the H1 chart. If you increase the chart from H1 to H2, you will automatically increase the channel from H4 to H8. The same applies to the direction of decreasing the timeframe, when the chart decreases from H1 to M30, the constructed channel of the H4 timeframe will become the H2 channel, etc.
2. When the price goes beyond the upper border of the channel, the arrows are now red by default, and the lower border of the channel in green.
3. All input parameters of the indicator are displayed in English.

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Reliability and usability
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