PChannel - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The Price Channel indicator calculates the highest high and lowest low of a bar's price value.
The lines show the highs and lows they are drawn on. When the market moves above the upper line, it means the market is strengthening. Therefore, when the price falls below the lower line, it means that the market is weak. A steady move above or below the channel's previous levels could signal a major breakout.
The indicator was first implemented in MQL4 and published in the code base of mql4.com on December 29, 2005.
Figure 1. P Channel Indicator
Attachment download
📎 pchannel.mq5 (5.86 KB)
Source: MQL5 #15191
PChannel - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening suggestions
PChannel - MetaTrader 5 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. 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 on titles or short-term profit descriptions.
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