Channels indicator for MT4 terminal is a successful attempt to automatically build adaptive channels in real time. The indicator evaluates the market condition and builds actual levels at the close of each new bar, which, according to ForTrader.org experts, is often lacking in such indicators.
For this filter to work, it needs a trading history of at least 400 bars of each timeframe. If this data is missing, Channels will indicate that there is not enough historical data, while it is enough to switch between periods to restart it.
Channels indicator settings
The Channels indicator has a rich set of control parameters:
- Start - bar number of the current chart, from which data analysis starts, 0 - from the current one.
- BarAnaliz - number of bars for analysis in each timeframe up to and including Daily. No more than 2000.
- k_shirina - channel width coefficient.
- tochnost - modeling accuracy: 1 - no accuracy, if the value is equal to the value of the BarAnaliz parameter, we have maximum accuracy. The higher the accuracy, the slower the indicator works.
- filtr - filter of the new channel formation depth, it is reasonable to use the range 0.382-0.618.
- MinShirina - minimum channel width in points - channels with smaller width are not formed.
- MaxShirina - maximum weighted average channel width in points - channels with larger width are not formed.
- luch - sign of channel continuation: true - ray, false - segment.
- maxmin - a sign: whether to build a canal, taking into account extreme extremes: true - yes, the width coefficient k_shirina should be large, for example 100; false - no, in this case the upper and lower boundaries of the channel are equidistant from the central axis of the channel (the center of "mass").
- color_fill - sign of channel filling (true, false).