Sunday, September 26, 2021

Channel Ind

The indicator displays on the chart the previous trading day’s channel. The indicator allows setting trading day start and end hours. Channels are displayed in different colors depending on whether the size of the previous day’s channel is greater or smaller than the channel of the day before that.

The channel is only drawn after the closing time of the current trading day. Thus, the displayed previous day’s channel can be used for trading in the current section, e.g. its levels can be used for breakout or roll-back trading.The indicator can only display channels on charts with the timeframe up to H1.

The indicator has six input parameters:

  • Begin trade day hour – trading day start hour;
  • End trade day hour – trading day end hour;
  • Draw channels size – enable/disable drawing of a label with the size of the previous day’s channel;
  • Labels size – font size for the labels;
  • Labels color – the color of labels;
  • Font name – font name for the labels.
Fig.1 A channel on the H1 chart
Fig.2 A channel on the M30 chart

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