The ChannelTrend indicator is a trading system, which allows to analyze the market from various aspects of a technical analysis. The first aspect is a price channel, which is built in an automatic mode and enables a trader to see the main direction of price movement. It also enables to analyze the market using a channel strategy (breakout and bounce off channel lines).
Block 2 represents SAR system that gives general information about micro-movements in the market and serves as a confirmation signal for arrows.
Block 3 is the main block which displays arrows, which you must use to enter and exit trades. These signals are good because they do not react to small movements but indicate a major and prolonged trend.
It is very easy to enter trades basing on this indicator. When an up arrow appears and yellow circles occur below the price line, then we enter a bullish trade. When a down arrow appears and purple circles occur, then we enter a bearish trade.
- LineWidth — width of the price channel line
- MidLineWidth — width of the price channel middle line
- LineColor — color of price channel lines
- Steps — step for Parabolic SAR
- Maximum — maximum for Parabolic SAR
- SoundOn — sound alert
This indicator does not redraw. If there is an arrow in a certain place, it stays at this place.