MTC Equidistant Channel

The MTC Equidistant Channel indicator is a helping tool for the traders who use:

• The supports and resistances lines;
• The trends;
• Fibonacci levels;
• It's a combination between the ZigZag indicator and the Equidistant chanel,
• It helps to detect the break-outs in many strategies and shows the possible entry points.

The indicator capabilities :

• Drawing the Equidistant chanel automatically on the ZigZag indicator.
• The possibility of changing the ZigZag indicator settings.
• The indicator works on all time frames.
• The indicator pushes sound alerts when the price breaks the Equidistant chanel.

Indicator Parameters:

• Equidistant Up color:      The descending channel color.
• Equidistant Down color:  The color of the ascending channel.
• Signal Up color:               Signal color at breakage up.
• Signal Down color:           Signal color at breakage down.
• Alert:                               Sound alert when channel is broken
• ExtDepth:  The minimum number of candlestick, for which Zigzag will not draw the second maximum (or minimum), if the last one is Deviation less (or greater) than the previous one;
• ExtDeviation: The minimum number of points between the Highs/Lows of two adjacent candlesticks for the Zigzag to form a local top/bottom;
• ExtBackstep:  The minimum number of candlesticks between the local Highs/Lows;