Price Channel Stop Loss - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

A new variant of the well-known price channel indicator.

This indicator shows the current estimated trend based on the channel period and required risk. It also shows two levels of values ​​that can be used as a stop loss for orders opened based on this indicator (using the trend color change can be used as a signal for a new order opening as well as closing already opened orders).

Depending on the style, one could decide to use a "safer" stop (further away from the current price) that is "more likely to be filled" (closer to the price), but it all depends on the trading style.

This MetaTrader 5 version looks and feels very different from the available MetaTrader 4 version, and also differs significantly in the two levels displayed - the second level (closer to price) should be used with caution as it is highly experimental. In any case, some parameter exploration for different trading symbols and timeframes is recommended.

PS: Some MetaTrader 4 versions can be found here .

Attachment download

📎 price_channel_stop.mq5 (7.48 KB)

Source: MQL5 #20470