DynamicRS+Channel - MetaTrader 4 script | Forex indicator download - MT4/MT5 resources
The second indicator in this series of simple indicators requires no averaging.
The meaning of this indicator is clear from the code. Instead of analyzing cycles, fixed channels are added on both sides of the indicator line. Initially it included period analysis, but experiments showed that indicator values are formed mainly at channel boundaries.
Usage: First - we need to understand the current trend of old TF. The most convenient way is to use this indicator on smaller time frames and smaller targets. For example, for time range M5, an 8-point channel works well. During corrections, trade 1 pip above (sell) and 1 pip below (buy) the main line of the indicator, with a target of approximately 10 pips, or 1 pip outside the channel. Since a smaller time frame is used, pending orders can be handled better. Otherwise, sometimes you might be late. I have not tried it on higher time frames as I am currently trying to create a program that will open 2-3 profitable positions per day with minimal risk. It is convenient to set the stop loss outside the price channel (Donchian) borders (period 16 to 20).
Dynamic RS+ channel
Attachment download
📎 DynamicRSqChannel.mq4 (2.18 KB)
Source: MQL5 #7324
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