Keltner's colored channel indicator, also called STARC band, drawn in an additional chart window for any of the five basic indicators included into the MetaTrader 4 platform.
The indicator uses the calculation technique of the three drawing options: basic, improved and modified. The first two were proposed by Keltner, the third one - by a successful trader L. Rakshe.
You can search for your own optimal parameters of the indicator. It is also possible to color the upper, middle and lower bands, as well as the bullish and bearish sentiments of the basic indicator.
The indicator can be used for manual or automated trading within an Expert Advisor. Values of indicator buffer of the double type can be used for automated trading:
- The middle line of the indicator - buffer 2.
- The upper line of the indicator - buffer 0.
- The lower line of the indicator - buffer 1.
- The bearish sentiment of the basic indicator - buffer 4, must not be equal to EMPTY_VALUE.
- The bullish sentiment of the basic indicator - buffer 3, must not be equal to EMPTY_VALUE.
- The main line of the basic indicator - buffer 5.
- Symbol Name - the name of the financial instrument.
- Calculation Method - indicator calculation method:
- basic (by Keltner)
- improved (by Keltner)
- modified (by L.Rakshe)
- custom - for the following parameters specified by the user.
- Channel Width Factor
- Basic Indicator Type