MetaTrader 5 MT5 Indicators Keltner Channel – indicator MetaTrader 5

Keltner Channel – indicator MetaTrader 5

Real author:

Chester Keltner

The indicator shows the Keltner Channel — a classic technical indicator developed by Chester Keltner in 1960. It may look similar to Bollinger Bands.

It uses three chart lines: middle line is a 10-day simple moving average by typical prices ((high + low + close) / 3), upper and lower lines are formed by adding and subtracting the moving average of daily price range (difference between maximum and minimum) from the middle line. Therefore, it forms a channel based on volatility.

Input Parameters:

  • MA_Period (by default = 10) — period of moving average (middle line).
  • Mode_MA (by default = MODE_SMA) — type of moving average (middle line).
  • Price_Type (by default = PRICE_TYPICAL) — price type for moving average (middle line).
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