Price_Channel Indicator For MT5 (WITH INDICATOR DOWNLOAD)

Price_Channel Indicator For MT5

Price_Channel Indicator For MT5

Table Of Contents:

  1. Price_Channel Indicator For MT5
  2. Installing the Price_Channel Indicator For MT5
  3. Parameters of the Price_Channel Indicator For MT5
  4. Buffers of the Price_Channel Indicator For MT5
  5. Main Parts Of The Code

The Price_Channel Indicator For MT5 is a simplified technical trading tool which essentially channels price action into a threefold layered channel - each line has a different color which represents a specific band - the upper band is red in color which may be regarded as the maximal level of the channel whereas the lower band is colored in a navy blue color which serves as the minimal level of the trading channel and then the middle band is colored in a light blue color which serves as the average level of the price action channel. Therefore it can be said that these bands is a trading channel of the ever-changing minimal, average and maximum levels shown over a specific period of candles - speaking of period, the period is the main input parameter that may be configured however which way the trader or analysts deems suitable for their respective trading systems or trading strategies. At first glance traders may feel as though this indicator makes it super easy to trade off the upper and lower bands because they behave like oversold and overbought regions however this is not entirely true because when new trends are formed at the back of breakouts then that trading idea becomes a very risky endeavor.

FREE Price_Channel Indicator

Download the FREE Price_Channel Indicator for MT5.

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Installing the Price_Channel Indicator For MT5

After you downloaded the indicator via the form above you need to unzip the zip-file. Then you need to copy the file price_channel.mq5 into the folder MQL5\Indicators of your MT5 installation. After that please restart MT5 and then you will be able to see the indicator in the list of indicators.

Parameters of the Price_Channel Indicator For MT5

The Price_Channel Indicator For MT5 has 1 parameters to configure.

input int InpChannelPeriod=22; // Period 

Buffers of the Price_Channel Indicator For MT5

The Price_Channel Indicator For MT5 provides 3 buffers.

SetIndexBuffer(0,ExtHighBuffer,INDICATOR_DATA); SetIndexBuffer(1,ExtLowBuffer,INDICATOR_DATA); SetIndexBuffer(2,ExtMiddBuffer,INDICATOR_DATA); 

Main Parts Of The Code

int OnCalculate(const int rates_total,const int prev_calculated,                 const datetime &Time[],                 const double &Open[],                 const double &High[],                 const double &Low[],                 const double &Close[],                 const long &TickVolume[],                 const long &Volume[],                 const int &Spread[])   {    int i,limit; //--- check for rates    if(rates_total lt InpChannelPeriod)       return(0); //--- preliminary calculations    if(prev_calculated==0)       limit=InpChannelPeriod;    else limit=prev_calculated-1; //--- the main loop of calculations    for(i=limit;i lt rates_total && !IsStopped();i++)      {       ExtHighBuffer[i]=Highest(High,InpChannelPeriod,i);       ExtLowBuffer[i]=Lowest(Low,InpChannelPeriod,i);       ExtMiddBuffer[i]=(ExtHighBuffer[i]+ExtLowBuffer[i])/2.0;;      } //--- OnCalculate done. Return new prev_calculated.    return(rates_total);   } //+------------------------------------------------------------------+ 

 

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