TradeChannel - MetaTrader 5 Expert | Forex Indicators Download - MT4/MT5 Resources

This Expert Advisor was rewritten in MQL4 and was originally published here https://www.mql5.com/en/code/7756 by its author George of Don .

First, determine the price channel (maximum high (MaxH) and minimum low (MinL) during the time period specified in the parameters). The obtained value is then used to calculate the reference level (MaxH+MinL+Close)/3.

The signal for opening a position is as follows: if the bar closes below the channel upper limit and above the reference level, we receive a sell signal. If the bar closes above the lower limit of the channel and below the reference level, we receive a buy signal.

The closing signal is as follows: If the highest price of the closed bar is equal to the upper limit of the channel, and the upper limit value of the channel is equal to the value of the previous bar, we will get a buy closing signal. If the lowest price of the closed bar is equal to the lower limit of the channel, and the lower limit value of the channel is equal to the value of the previous bar, we receive a signal to close the position. These conditions are rarely met, so in addition to the closing options mentioned above, the Expert Advisor also uses Stop Loss. The stop loss value is the ATR indicator determined using the following formula, the levels are calculated according to the channel limits: when buying, it is calculated from the lower limit, when selling, it is calculated from the upper limit.

Expert Advisors use the trailing stop function to make profits.

The figure below shows the performance of the Expert Advisor in the strategy tester visual mode.

The original version has an isFloatLots parameter that switches between the variables Lot and MaxR. In this version, it is replaced by the Lots parameter. If Lots is 0, the MaxR parameter is used.

Attachment download

📎 tradechannel.mq5 (13.26 KB)

Source: MQL5 #1049