KLEO CHANNEL SET MT4
KLEO CHANNEL SET consists of two channels. The first one is a modernized Price Channel (a channel drawn based on price Highs and Lows for a selected period), where you can shift the upper and lower levels, select the minimum and maximum price ranges and indicate breakthrough moments. The second one is a channel with fixed levels drawn relative to the open price of a specified hour, which allows indicating your work time.
1 Indicator Inputs
|Parameters of UPDATING PRICE CHANNEL||Description of the parameters|
|Bars||The number of bars for calculating UPDATING PRICE CHANNEL. If the value is negative, the channel will not be displayed.|
|Shift from High||Shift of the upper level in pips.
|Shift from Low||Shift if the lower level in pips.
|Max delta||Maximal range of the price change ((High - Low) value for the Bars period) to consider the channel being absent. If this range is greater than Max delta, the levels will not be displayed.|
|Min delta||Minimal range of the price change ((High - Low) value for the Bars period) to consider the price not moving. If this range is less than Min delta, the levels will not be displayed.|
|FIXED LEVELS Parameters||Description of the parameters|
|Open Hour||Hour of the open price used for calculation of the fixed levels. The levels are valid from this hour to the same hour of the next day.|
|High level||Upper level = (Open price at Open Hour) + (High level points).
|Low level||Lower level = (Open price at Open Hour) - (Low level points). If High level and Low level are equal to 0, the channel will not be displayed.|
|Start time||Operation start time. The levels are not displayed at working and nonworking time.|
|Close time||operation end. (Start time > Close time) means overnight working time. (Start time = Close time) means twenty-four-hour operation.|
- Default colors are picked for the black on white color scheme of the chart.
- All the input parameters are specified as for 4-digit quotes. Recalculation for 5-digit quotes is automatic.
- The second channel is plotted on H1 or lower periods.
2. Short Description and Recommendations
- Wait for the working time to start.
- Wait for the first breakthrough of the UPDATING PRICE CHANNEL levels. The first breakthrough should be considered as "false".
- At the beginning of the next hour, place pending orders on the channel levels.
- Set the order on a breakthrough if the corresponding level of the UPDATING PRICE CHANNEL is inside the FIXED LEVELS channel. Set the order on a rollback if the level of the UPDATING PRICE CHANNEL is behind the corresponding High level or Low level. You can use additional conditions for determining the direction for setting the orders.
- Wait for an order to trigger.
- If none of the orders has triggered during the current hour, move the orders to the newly formed level of the channel at the beginning of the next hour. Do the same every hour.
- Wait for an order to trigger.
- If none of the orders has triggered during a certain number of hours, consider the "false" breakthrough as outdated and delete the orders (the "lifetime" of a breakthrough should be determined empirically).
- Wait for the next "false" breakthrough.
- And so on.
- If a position has been opened, delete the opposite order.
- You can trail the position as you want. For example, you can place a stop on the opposite level (if the breakthrough order has triggered).
- Consider the range of the price movement during work. If it is less than Min delta or greater than Max delta do not consider the breakthroughs and do not open positions.
- On default, the input parameters of the indicator are set for GBPUSD H1.
- The fixed levels are not displayed at nonworking time. When the price range is greater than Max delta, levels are not displayed. The breakthrough points are marked with black diamonds.
- Breaks of lines of the UPDATING PRICE CHANNEL - the price range is greater than Max delta. Twenty-four-hour operation.
- Only FIXED LEVELS (Bars<0).
- Only UPDATING PRICE CHANNEL (High level = 0, Low level = 0).
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