Channel Pattern Detector Forex MetaTrader indicator — detects channels according to forex trader’s preferences and marks them on the chart. It does so by finding 3-point chart lines based on chart bars’ highs and lows, filtering out the non-paired chart lines, and leaving only those pairs of lines parallel. You can then use The channels for range or breakout trading according to the trader’s strategy. The indicator can detect descending, ascending, and horizontal channels. It can work with narrow and wide, long and short chart channels. Traders can control the sensitivity of detection via input parameters. This forex indicator can issue alerts (sound, visual, and email) when a new channel is spotted. The forex indicator is available for both MT4 and MT5.
Input parameters
- Threshold (default = 0.007) — the maximum point for deviation of the chart candlesticks’ High/Low levels from the chart lines. The parameter is shown as a multiplier of the price range. The higher it is will detect the more channels.
- MinBars (main default = 10) — minimum length of line in bars. Decrease its value if you want shorter chart channels.
- MaxBars (main default = 150) — maximum length of line in chart bars. Increase its given value if you want longer channels.
- PairMatchingRatio (main default = 0.7) — minimum ratio for upper and lower lines’ matching. 1 = perfect match, 0 = no match required. The lower it will detect, the more channels.
- Symmetry (main default = 0.25) — a symmetry coefficient for line’s middle point location. 1 = maximum symmetry, 0 = no symmetry required. The lower it will detect, the more channels.
- AngleDifference (main default = 0.0007) — maximum angle difference for channel chart lines. The parameter is shown as a multiplier of the price range. The higher it is, will detect the more channels.
- NamePrefix (main default = “LF-“) — an object name prefix that the chart will use objects created by Channel Pattern Detector.
- LookBack (default = 150) — several bars to check by this forex indicator. Increase its default value if you want to detect older chart channels. Increasing this value will lead to a significant decline in computer performance.
- ColorSupportUp (default = clrLimeGreen) — the color of the ascending lower line of the channel.
- ColorSupportDown (default = clrRed) — the color of the descending lower line of the channel.
- ColorResistanceUp (default = clrGreen) — the color of the ascending upper chart line of the channel.
- ColorResistanceDown (main default = clrMagenta) — color of the descending upper chart line of the channel.
- EmailAlert (main default = false) — if true, an email message will be sent when a new chart channel is found.
- SoundAlert (main default = false) — if true, a sound alert will be issued when a new chart channel is found.
- VisualAlert (main default = false) — if true, a native mt4 MetaTrader visual alert will be issued when a new channel is found.
The example mt4 chart above shows three channels detected by the forex indicator. Two ascending channels are shown with green color and lime lines. The only descending price channel is shown with red color and magenta color lines.
It might not seem useful when you trade a single mt4 currency pair on a single timeframe. Still, this indicator becomes indispensable in case you want to monitor dozens of charts for channels. While the indicator can provide timely alerts, it will not show you how to forex trade when a channel appears. The actual usage of the detected chart channels is left for the trader to decide.
Channel Pattern Detector indicator Downloads
Channel Pattern Detector for MetaTrader 4
Channel Pattern Detector for MetaTrader 5
Discussion
Warning! If you do not know how to set up this forex indicator, please read the MT4 MetaTrader Indicators Tutorial.
Do you have any more suggestions or questions regarding this indicator? You can always discuss the Channel Pattern Detector indicator with the other traders and MQL programmers on the indicators forums.
