Simple Max Min Channel with Slope Indicator For MT4

Simple Max Min Channel with Slope Indicator For MT4

The Simple Max Min Channel with Slope Indicator For MT4 is a smart tool that creates the donchian channel based on simple slope calculation. When the value of the slope is equal to zero, you are going to get a perfect support and resistance level by using the upper and the lower band of the donchian channel. To make the best use of this tool, try to relate the price movement in the higher time frame. And execute your orders after getting a strong rejection at the upper or lower band. Though it’s a very powerful tool to find the best trading spot, still, you should think about the risk exposure in each trade.

FREE Simple Max-Min Channel with Slope Indicator

Download the FREE Simple Max-Min Channel with Slope Indicator for MT4.

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Installing the Simple Max Min Channel with Slope Indicator For MT4

After you downloaded the indicator via the form above you need to unzip the zip-file. Then you need to copy the file maxminchannelwithslope.mq4 into the folder MQL4\Indicators of your MT4 installation. After that please restart MT4 and then you will be able to see the indicator in the list of indicators.

Parameters of the Simple Max Min Channel with Slope Indicator For MT4

The Simple Max Min Channel with Slope Indicator For MT4 has 3 parameters to configure.

input int      barre=20;//bars for calculation min max
input double   ratio=4.0;//ratio ema period / bars
input double   xslope=1.0;//slope adjustment

Buffers of the Simple Max Min Channel with Slope Indicator For MT4

The Simple Max Min Channel with Slope Indicator For MT4 provides 4 buffers.

SetIndexBuffer(0,pendenza);
SetIndexBuffer(1,bandasu);
SetIndexBuffer(2,bandaju);
//SetIndexBuffer(3,mediana);

Main Parts Of The Code

int start()
  {
   int pos=Bars-5;
   int counted_bars=IndicatorCounted();
//---- check for possible errors
   if(counted_bars lt 0) return(-1);
//---- last counted bar will be recounted
   if(counted_bars gt 0) pos=Bars-counted_bars-1;
   else
     {
      pendenza[pos+1]=0.0;
     }
   while(pos gt =0)
     {
      pendenza[pos]=pendenza[pos+1]+(High[pos]+Low[pos]-High[pos+1]-Low[pos+1]-pendenza[pos+1])/cosemap;
      pendenzaxslp=pendenza[pos]*xslp;

      switch(pos+1-iHighest(Symbol(),Period(),MODE_HIGH,barre,pos))
        {
         case 0 : bandasu[pos+1]=High[pos+1]; break;
         default : bandasu[pos+1]=bandasu[pos+2]+pendenzaxslp;
        }
      switch(pos+1-iLowest(Symbol(),Period(),MODE_LOW,barre,pos))
        {
         case 0 : bandaju[pos+1]=Low[pos+1]; break;
         default : bandaju[pos+1]=bandaju[pos+2]+pendenzaxslp;
        }
      //mediana[pos+1]=(bandasu[pos+1]+bandaju[pos+1])*0.5;
      pos--;
     }
   bandasu[0]=bandasu[1]+pendenzaxslp;
   bandaju[0]=bandaju[1]+pendenzaxslp;
//mediana[0]=mediana[1]+pendenzaxslp;
//----
   return(0);
  }
//+------------------------------------------------------------------+

 

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