Volatility Ladder Channel - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

This is an experimental indicator I made that is similar to Donchian Channel, but is wave-aware. These lines reflect extreme highs and lows and are offset by the index's ATR value at the extreme highs/lows. This creates a channel line that cannot be touched by the candle, which is essentially the best part because the channel line can be used as a strict stop loss price level that is not expected to be touched. Theoretically, the green line is the strict stop-loss position for buying, and the red line is the strict stop-loss position for selling. Please do not use it as a stand-alone tool for trading decisions as it is based on a qualitative price background that is always subject to change. The channel lines themselves are not affected by candles.

Attachment download

📎 Volatility_Step_Channel.mq5 (5.11 KB)

Source: MQL5 #64332