Elder Auto Envelope V2 - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources
The envelope or channel line is set parallel to the moving average (or the slow MA if two MAs are used). The two channel lines must contain approximately 95% of all prices on the daily chart over the past two or three months, with only the extreme values sticking out.
Channel lines provide attractive profit targets - sell long near the upper line and cover shorts near the lower line.
Auto Envelope automatically adjusts the channel size by calculating the standard deviation of the last channel n bars. It is designed to change values at most once a week (once a month on weekly charts) and even works on intraday data (use the "Fixed Channel Size" parameter to switch from one mode to another).
Attachment download
📎 elder_auto_envelope_1_1.mq5 (7.91 KB)
Source: MQL5 #16826
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