DynamicRS_Channel - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
A series of simple indicators without averaging. It is implemented as a channel with fixed width.
The meaning of this indicator is clear from the code. Instead of analyzing cycles, fixed channels are added on both sides of the indicator line. Initially it included period analysis, but experiments showed that indicator values are formed mainly at channel boundaries.
Usage: First - we need to understand the current trend of old TF. The most convenient way is to use this indicator on smaller time frames and smaller targets. For example, for time range M5, an 8-point channel works well. During corrections, trade 1 pip above (sell) and 1 pip below (buy) the main line of the indicator, with a target of approximately 10 pips, or 1 pip outside the channel. Since a smaller time frame is used, pending orders can be handled better. Otherwise, sometimes you might be late.
The indicator was first implemented in MQL4 and released in the code base on August 22, 2007.
Figure 1. DynamicRS_Channel indicator
Attachment download
📎 dynamicrs_channel.mq5 (13.21 KB)
Source: MQL5 #2354
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