2 MA Channel Breakout - indicator for MetaTrader 4

The indicator is based on the cross of the slow and fast EMA_close (not plotted) as the main trend and then a point on the breakout (candle close) of the high/low channel, setting a buy order if it is white and sell if it is red.

The two dotted lines are stop loss levels (HI-LO channel calculated based on xx EMA), the white ones are buy operations, the red ones are sell operations, and the two thick lines are TP levels (highest high since XX bar and lowest low since XX bar).

Is my first indicator, feel free to make comments or some suggestions to improve it.

I use 89 for faster EMA, 144 for slower EMA, and 89 for SL and TP, I recommend using it on 1H or longer timeframes.

I wish to use this indicator to create an EA that uses the last entry signal level as pending orders for buy/sell and a good trailing stop loss and take profit system.

Attachment download

📎 ma_channel_break_v1_0.mq4 (4.23 KB)

Source: MQL5 #11990