Quartile Trend Channel - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This indicator plots the Fibonacci channel of the last swing high and low, which can be changed by entering the variable "ExtDepth"
55 is the best parameter and the default setting. It plots a Fibonacci channel with internal levels of 0.236, 0.382, 0.5, 0.618 and 0.786
You can also change the NUMB in the input, which will change the trendline to the previous swing high and low
These internal levels are often used by price action traders
Attachment download
📎 fibonacci_channel.mq5 (53.26 KB)
Source: MQL5 #36205
Quartile Trend Channel - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Quartile Trend Channel - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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