YnP Rounded Channel
The indicator shows how price moves in channels between rounded support and resistance levels. In contrast to "historical" indicators showing the events already done, Rounded Channel indicator forsees future "key price levels" where most market fight will take place. It helps you choose correct stop loss and take profit levels and makes a price chart more readable in overall. Indicator is very useful for trading strategies based on fake breakouts and reversals from key levels.
Suitable for FOREX, Stock or FORTS market. This version is designed for MetaTrader 5.
Rounded Channel indicator is one of the YnP high-quality software series.
- shows a price channel limited by rounded support and resistance levels
- shows a channel middle (potential consolidation level)
- supports iCustom function for easy indicator operation
- supports indicator styling (Colors tab)
- works on any symbol, including CFD or FORTS futures
- works on any timeframe
- Channel Width - number of points between rounded support and resistance levels. Choose width by judging daily ATR of the current symbol (usual number of points between high and low of daily bar). Daily ATR should be higher than the channel width (for example: daily ATR - 73 points, channel width - 50 points). Recommended value for most currency pairs - 50 or 100 points (3-digit and 5-digit points are counted as 0.1 point). Value should be round (dividable by 50 without mod).
- Channel Smooth - history period in bars used to calculate the current channel. A higher period makes channel more smooth and "false exits" more readable. A lower period makes channel react faster on any bars leaving the current channel. Recommended values - from 3 to 8 bars.
* Added alerts on the price leaving the channel boundaries (the alert reports that the price is outside the channel once every bar).