Channel Pattern Detector MetaTrader indicator | FREE Forex Trading Indicator
Channel Pattern Detector MetaTrader indicator detects and marks channels based on the trader’s preferences on the chart It accomplishes this by locating 3-point lines based on the highs and lows of the bars, then filtering out non-paired lines and leaving only those pairs of lines that are parallel to each other. Depending on the trader’s strategy, the channels can then be used for range or breakout trading. The indicator can distinguish between ascending, descending, and horizontal channels. It can work with narrow and wide channels, as well as short and long ones. Traders can adjust the detection sensitivity using input parameters. When a new channel is detected, this indicator can send out alerts (audio, visual, and email). The indicator is compatible with both MT4 and MT5.
- Threshold (default = 0.007) — maximum threshold for deviation of the candlesticks’ High/Low levels from the lines. The parameter is given as a multiplier of the price range. The higher it is the more channels will be detected.
- MinBars (default = 10) — minimum length of line in bars. Decrease its value if you want shorter channels.
- MaxBars (default = 150) — maximum length of line in bars. Increase its value if you want longer channels.
- Symmetry (default = 0.25) — a symmetry coefficient for line’s middle point location. 1 = maximum symmetry, 0 = no symmetry required. The lower it is the more channels will be detected.
- PairMatchingRatio (default = 0.7) — minimum ratio for upper and lower lines’ matching. 1 = perfect match, 0 = no match required. The lower it is the more channels will be detected.
- AngleDifference (default = 0.0007) — maximum angle difference for channel lines. The parameter is given as a multiplier of the price range. The higher it is the more channels will be detected.
- NamePrefix (default = “LF-“) — an object name prefix that will be used by the chart objects created by Channel Pattern Detector.
- LookBack (default = 150) — a number of bars to check by this indicator. Increase its value if you want to detect older channels. Increasing this value will lead to significant decline in computer performance.
- ColorSupportUp (default = clrLimeGreen) — color of the ascending lower line of the channel.
- ColorSupportDown (default = clrRed) — color of the descending lower line of the channel.
- ColorResistanceUp (default = clrGreen) — color of the ascending upper line of the channel.
- ColorResistanceDown (default = clrMagenta) — color of the descending upper line of the channel.
- EmailAlert (default = false) — if true, an email message will be sent when a new channel is found.
- SoundAlert (default = false) — if true, a sound alert will be issued when a new channel is found.
- VisualAlert (default = false) — if true, a native MetaTrader visual alert will be issued when a new channel is found.
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The example chart above shows three channels detected by the indicator. Two ascending channels are shown with green and lime lines. The only descending channel is shown with red and magenta lines.
It might not seem very useful when you trade a single currency pair on a single timeframe, but this indicator becomes indispensable in case you want to monitor dozens of charts for channels. While the indicator is capable of providing timely alerts, it will not show you how to trade when a channel appears. The actual usage of the detected channels is left for the trader to decide.
Downloads (ver. 1.01, 2016-12-23)
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