Channel at a percentage value of level breakout – indicator MetaTrader 5
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The channel is based on one of seven price types that can be selected in input parameters. If the price has moved from the previous day’s value at a distance greater than the specified value, new channel levels should be drawn. Otherwise the same channel levels will be used.
The indicator has two input parameters:
Percent – percent to calculate the threshold distance; a new level will be drawn if this value is exceeded;
Applied price – price used for calculating the channel.
The percentage value depends on the timeframe, on which the indicator is running. So the lower the timeframe, the lower the price movements that are considered to be significant.
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