MTF Channel Strategy | Forex indicator download- MT4/MT5 resources

Per Steve Hopwood's request, I'm creating a new thread to continue his work on the Shag'emAll EA. I came up with a similar idea in my research, but used a slightly different approach. I built an MTF Channel indicator and noticed that price tends to move between different TF channels instead of just sticking to one TF. The truth behind it is just the harmonics rather than following a specific TF, but the indicator seems to define these harmonics pretty well. I have included indy and the template to be placed on the M1 chart. From there, you'll notice how all the different TFs work together. When price crosses one channel line, it will reverse or enter another channel line. Sometimes it's reversed in "No Man's Land," but we explore that as well.
The important thing to remember now is that this indie game isn't perfect. In fact, due to its nature as an MTF standalone game, it will be redrawn at a higher TF. When each TF completes its "step" it will no longer repaint, but repainting also works in our favor as price pushes it up/down giving us a better chance of entry. Another important thing is to always use confirmations and aim for a TF that can adapt to the spread, since M1 and M5 TF are not really possible (although if your spread is 0 you can make 100% profit). Even the M15 can be tight at times. I prefer the M30 and H1, but the M15 and M5 can get you back into action when your trade hits BE. The last thing that matters is the centerline. You should go for BE or TP on the midline. This is the biggest feature of this strategy.
Now, if anyone is interested, we will build an EA for this as we will be testing it manually, mainly because this crazy, aggressive strategy can be traded 24 hours a day, and the news and the occasional stop loss will most likely bring some ideas to our bank.
Things should become clearer as we progress. It's still early days for this strategy, so I'd like your comments, questions, additions, and criticisms (within reason of course), but let's keep the debate within constructive boundaries.
Now for confirmation: I usually use fast stochastic (2,2,1) for each TF and when a certain TF channel is hit or broken I will use that TF stoch to confirm the reversal. I'm still not sure about using the next lower TF stoch as that usually gets us into trouble.
As for the rules: The highest/lowest line touched/broken is usually the main channel, although sometimes several channel lines will be at the same level. You can use the highest TF channel, but remember to use stoch or any confirmation channel you like. Sometimes it doesn't leave the OB/OS level and continues up/down to higher TF, which is even better.
SL: Very close to the M1 chart. You can set it to max/min +- 10 pips + spread.
TP: The safest TP is the center line of the TF channel you are using. The best plan is to either do 2 trades with one TP in the center and one going BE hoping to hit the other side, or until the next reversal signal, or scale half the trade in the center.

Anyway, put indy into your folder and attach the template. Now without tick data, erratic lines are sometimes displayed, so we may need to wait for the open market until we can resolve that issue. Also remember that sometimes the price will be within a point or two of this line. This works because usually the line is already there before price pushes it up/down. As we move forward, we can also discover many interesting aspects of the system.

Until tomorrow...(time to sleep)...