Channel Breakout Level Percent Value - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The channel is based on one of seven price types that can be selected in the input parameters. If the price moves greater than the specified value compared to the previous day's value, a new channel level should be drawn. Otherwise the same channel levels will be used.
This indicator has two input parameters:
The percentage value depends on the time frame in which the indicator runs. Therefore, the shorter the time frame, the lower the price movement is considered important.
Figure 1 Percent 100, H4
Figure 2 Percent 50, H1
Figure 3 Percent 10, M5
Attachment download
📎 percentage_crossover_channel.mq5 (9.19 KB)
Source: MQL5 #19796
Channel breakout level percentage value - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening recommendations
Channel Breakout Level Percentage Value - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 resources are resources related to Forex indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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