Channels indicator: building adaptive channels in MT4
Channels indicator for the MT4 terminal is a successful attempt to automatically build adaptive channels in real time. The indicator evaluates the state of the market and builds actual levels at the close of each new bar, which, according to experts of ForTrader.org magazine, is often lacking in such indicators.
This filter requires 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 - the number of the bar of the current chart from which the data analysis starts, 0 - from the current chart.
- BarAnaliz - the number of bars for the 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 BarAnaliz parameter, then we have maximum accuracy. The higher the accuracy, the slower the indicator works.
- filtr - filter of the depth of formation of a new channel, it is advisable to use the range 0.382-0.618.
- MinShirina - minimum channel width in points - channels are not formed with less width.
- MaxShirina - maximum weighted average width of the channel in points - channels are not formed with a larger width.
- luch - the channel continuation sign: true - ray, false - segment.
- maxmin - the sign: whether to build a canal, taking into account the extreme extremes: true - yes, in this case the width coefficient k_shirina should be large, for example 100; false - no, in this case the upper and lower limits of the channel are equidistant from the central axis of the channel (the center of "mass").
- color_fill - channel fill sign (true, false).