The auto-channel indicator creates a top line and bottom line that encloses a channel within which the symbol has been trading. 

The channel is created by finding high points for the top line and low points for the bottom line, these points are shown with arrows. A line of best fit is then plotted through these points and extended until the end of the chart.

This indicator is useful for trading both within the channel and for breakouts.

Inputs:

MAPeriod – The moving average period over which the top and bottom points are found.

showArrows – This can be set to false if you would not like to see the top and bottom points.