ChannelInd - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
This indicator displays the previous trading day's channel on the chart. This indicator allows setting the start and end time of the trading day. Channels are displayed in different colors depending on whether the size of the previous day's channel was greater or smaller than the previous day's channel.
The channel is only drawn after the close of the current trading day. Therefore, the displayed channel from the previous day can be used for trading in the current section, for example its levels can be used for breakout or rollback trading.
The indicator has six input parameters:
Figure 1 Channel A on the H1 chart
Figure 2 A channel on the M30 chart
Attachment download
📎 channelind.mq5 (16.21 KB)
Source: MQL5 #20057
ChannelInd - MetaTrader 5 script | Forex indicator download - MT4/MT5 resource usage and screening suggestions
ChannelInd - 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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