Channel Design Indicator - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The indicator can be used on any symbol or time frame without any restrictions.

In order to create a channel, two inputs need to be defined:

 //--- input parameters
input integer bar channel = 200 ; // channel creation length
Enter integer multiple = 5 ; // channel strip to peak/trough

The "barsChannel" input defines the length of the channel that will be created, or in other words, the number of bars that make up the channel.

The "barsMulti" input represents the number of bars to consider when evaluating peaks and valleys. The total number of bars considered in this evaluation is equal to "barsMulti*2 + 1" (for example, if barsMulti = 2, the total number of bars considered is 5).

Figure 1. Parameterization

Two indicator buffers are defined, one for each trendline. The resistance buffer index is set to "0", while the support buffer index is set to "1". Remember to take this into account during indicator reading.

Attachment download

📎 wdoz18m30.png (17.22 KB)

📎 winz18m15.png (16.9 KB)

📎 channeldesign.mq5 (15.96 KB)

Source: MQL5 #23132