Magic Channel MT5
Magic Channel is a channel indicator for the MetaTrader 4 terminal. This indicator allows finding the most probable trend reversal points.
Unlike most channel indicators, Magic Channel does not redraw.
The alert system (alerts, email and push notifications) will help you to simultaneously monitor multiple trading instruments.
Attach the indicator to a chart, and the alert will trigger once a signal emerges.
With our alerting system, you will never miss a single position opening signal!
The version for MetaTrader 4: https://www.mql5.com/en/market/product/26655.
- Perfect for scalping.
- Excellent for identifying trend reversals.
- Suitable for beginners and experienced traders.
- Works on all timeframes.
- The indicator does not repaint.
- Flexible alerting system.
- Chart customization (the size and color of lines).
USDCAD, EURUSD, USDCHF, AUDNZD, AUDCAD, GOLD.
Recommendations on usage
Buy when the price crosses the lower line of the indicator upwards (see screenshot 1, entry points are encircled).
Open Sell orders when the price crosses the upper line of the indicator downwards.
The indicator is best suited for intraday trading, on the timeframe from M5 to H4.
- Period - averaging period for calculating the indicator (key parameter).
- PRICE - price for the indicator calculation (OPEN/CLOSE).
- Coefficient - channel width ratio. The higher the value, the wider the channel.
- Alert - enable/disable Alert.
- Email - enable/disable sending e-mails.
- Push - enable/disable sending messages to the mobile terminal.
- clrUPPER - color of the upper indicator line.
- clrLOWER - color of the lower indicator line.
- Width - line width.
Evgeny Belyaev - professional programmer and successful trader.