![]() ![]() Channel lines (solid with different thickness).So, each channel on the chart consists of: For instance, the boundary of the H1 channel will be thicker than the one of the channels drawn in the M15. Please keep in mind that the middle of the channel will not always be in its center, since the High and Low prices selected by the algorithm might not be equidistant from each other.įor better visualization, the boundaries of the channels have different thickness depending on the timeframe they were drawn in. Clicking on the marker displays the channel's projection perspectives and its middle line. AppearanceĪfter installing the AutoChannels indicator, the channel will be displayed as two parallel lines of the same color from its beginning to the current price.Įach channel has a marker next to it indicating that it belongs to a certain timeframe. This happens due to the fact that the price has changed drastically in one timeframe for a certain period, thus forming incoherent extremums. Sometimes there are several price channels with one timeframe. If there is no channel in any timeframe on the chart, it means that the bar history set in the settings make it impossible to draw a channel keeping the lines parallel. Then, if the price moves beyond the channel boundaries, the tilt angle changes, taking into account parallel lines. In order to draw a price channel in each timeframe, the indicator analyses the minimum price history in bars (200 bars by default) and searches for several Highs and Lows within this period that form the basis of the first version of the channel. It will also be helpful to those who use the wave principles of price movement. This indicator will serve as a hint to experienced traders and will save some time drawing local and global channels. The techniques described below will help you master the analysis of price movements within the channel and how to use them in practice. It will also help you monitor the channels of higher timeframes when trading lower timeframes. If you are a beginner, this indicator will help you understand price movements, especially in trending directions. ![]() Trend channels is a basic tool for technical analysis, therefore it’s compatible with absolutely any indicators and trading systems. ![]()
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