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).
MetaCOT 2 CFTC ToolBox (Set of Indicators) MT4 -… Contents GENERAL PROVISIONS Brief description Installing the libraries and indicators Several indicators in one window Exporting CFTC reports to CSV…
