Channels Pro MT5

Channels Pro MT5

This indicator determines the channels along which prices move on the trading history. There are many trading strategies that rely on channel trading on a channel breakout. This indicator can draw price channels by reading information from several timeframes at once (from the current, from the second and third). You can customize the color and thickness of the lines for each timeframe. Also, you can set a different distance between highs and lows to draw channels or lines. There is also a simple version of the indicator, with fewer features and settings, but it is better to use the Pro version, since it not only supports multiple timeframes, but also the ability to set an alert for a breakout of the channel lines (the alert will be triggered when the last closed candlestick touches, or passes through one or more channel lines).

Parameters

• History - the maximum number of bars to draw channels or lines;
• Distance - the minimum distance from one maximum (or minimum) to another when plotting;
• Shift - shift a few bars back from the current price, where a channel breakout is possible;
• DrawChannels - draw channels or trend lines (if the option is enabled, channels are drawn);
• EnableAlerts - enable alerts (messages when the price crosses or rebounds from the channel border);
• SignalStrenghtForAlert - signal strength for the alert (how many lines must be crossed by the last closed candle for the message to appear);
• AlertsDelayBars - delay in bars after an alert appears;
• ChannelsColorCurrentTimeframe - color of lines (or channels) of the current timeframe;
• ChannelsWidthCurrentTimeframe - thickness of lines (or channels) of the current timeframe;
• SecondTimeframe - select the second timeframe (current = do not use);
• ChannelsColorSecondTimeframe - color of lines (or channels) of the second timeframe;
• ChannelsWidthSecondTimeframe - thickness of lines (or channels) of the second timeframe;
• ThirdTimeframe - select the third timeframe (current = do not use);
• ChannelsColorThirdTimeframe - color of the lines (or channels) of the third timeframe;
• ChannelsWidthThirdTimeframe - thickness of the lines (or channels) of the third timeframe.