SHI channel true (NB channel) - MetaTrader 5 script - MT4/MT5 resources
shulka and kevin
SHI_Channel_true automatically displays Barishpolts dynamically moving channels on the chart.
The main idea is that the indicator finds the most recent fractal in history, looks for the second fractal and draws a line between them. On the other side, draw parallel lines along the maximum fractal. The middle line is drawn between these two lines.
Parameters (default parameter values in parentheses):
BarsForFract(0) - Fractal "shoulder" length.
A standard fractal consists of 5 bars: extreme points and two bars on each side (leverage equals 2). Leverage can be increased for greater impact. If this parameter is equal to 0, the leverage size depends on the chart's time frame and is set automatically by the program.
The indicator works on all currency pairs and timeframes starting from М1. There are two variants of this indicator. In NB_SHI_Channel_true, the three lines forming the channel are additionally placed in the indicator buffer so that the Expert Advisor has access to this data.
The indicator was first implemented in MQL4 and published in the code base of mql4.com on October 13, 2006.
Attachment download
📎 shi_channel_true.mq5 (11.02 KB)
📎nb_shi_channel_true.mq5 (14.92 KB)
Source: MQL5 #484
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