Keltner Channel - MetaTrader 5 Script - MQL5 #399 | Forex Indicators Download - MT4/MT5 Resources
Keltner Channels are based on volatility envelopes, set at exponential moving averages .
The indicator is named after its author, Chester Keltner, who first described a systematic moving average based on a 10-period in his 1960 book How to Make Money in Commodities .
The indicator consists of price envelopes or price bands located above and below the exponential moving average by multiplying its values by the average true volatility of the exponential moving average. These channels are certainly interesting. First, because they cleverly combine two indicators: Moving Average and ATR.
The calculation method is as follows:
Keltner Upper Channel = MA (Close Price, x) + (m * ATR (y))
Keltner Descending Channel == MA(Close,x)-(m*ATR(y))
The indicator uses the СMoving_Average class of the SmoothAlgorithms.mqh library. How to use such "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.
Attachment download
📎 keltner_channel.mq5 (8.81 KB)
📎 smoothalgorithms.mqh (133.8 KB)
Source: MQL5 #399
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