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MT5. Defines trading channels and flat relevant at the moment. The principle of channel construction is based on the wave theory of price behavior. Individual development. The channel can be considered as a trend. With a shaded background, these are the main pulse channels. Correction channels without background. The boundaries of the broken channels are highlighted by trend lines. They will be lines of support and resistance.

 These are not standard channels. They are calculated according to a new principle. The algorithm contains a pattern of price behavior. The indicator begins to build correction channels from very early stages of formation.  It may be predictive in nature.

It works on charts of any instruments.

For better perception, the channels are painted in different colors.

  • the channel with a blue background is the main one up.
  • the channel with the red background is the main channel down.
  • the channel with a green background is a side channel (flat).
  • the blue channel without a background is a correction upward.
  • red channel without background – correction down
  • the blue ray is an inclined support line. The border of the senior trend to the bottom.
  • the red ray is an inclined resistance line. The border of the senior trend to the top.

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The control is carried out by one parameter. Directly from the graph, by entering values from 5 to 300 in the cell field. This value is comparable to the value of the average Moving Average. By default, the standard settings for each TF. Given the price change at an early stage, the channel may expand, but in the future it will not narrow its scope and will show the direction and boundaries of the wave. Corrective and lateral channels are predictive in nature and may not always be further developed.

 Additionally, from the calculations obtained, the following are output to the graph:

  • model, channel combination
  • lines of round levels
  • Fibonacci levels
  • the percentage of correction of the previous and current waves.

I will gratefully accept your comments and suggestions for improvement.

Don’t forget to leave your rating.

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