If you're looking to enhance your trading strategy, the SHI_Channel_true indicator is worth checking out. This nifty tool displays Barishpolts' dynamic moving channels right on your chart, all in automated mode.
The way it works is pretty straightforward. The indicator identifies the closest fractal from the past, tracks down the next one, and connects them with a line. It doesn't stop there; it also draws a parallel line at the highest fractal on the opposite side and then creates a midline between these two lines.
Key Parameters
Here are the key parameters you should know about (default values are in brackets):
- BarsForFract (0) - This parameter determines the length of the fractal's "arm".
A classic fractal comprises five bars: an extremum and two bars on each side (which means the "arm" is set to 2). However, you can expand the length of the "arm" as needed. If you set this parameter to 0, the length will automatically adjust based on the time interval of your chart.
The SHI_Channel_true indicator is versatile and can be used across all currency pairs and timeframes, starting from M1.
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