Logo:
Description:
Introducing the enhanced Price Channel indicator! This version comes packed with two extra price levels, trade signals, and customizable Stop Loss and Take Profit levels.
You can easily turn off the signals and Stop Loss/Take Profit options via the input parameters. Check out the indicator with price levels and signals, with the Stop Loss and Take Profit settings disabled in the image below:
Image:
Each level is labeled, and you can view these names by hovering over the indicator. Here’s a quick rundown of all the levels and their descriptions:
- H_PCH - Level based on the highs of the bars;
- MH_PCH - Midpoint between the high and the center of the price channel;
- M_PCH - Midpoint between the high and low of the price channel;
- ML_PCH - Midpoint between the low and the center of the price channel;
- L_PCH - Level based on the lows of the bars.
Signals are generated based on price crossover with these levels:
- Upward crossover of ML_PCH (buy signal) / Downward crossover of MH_PCH (sell signal);
- Upward crossover of M_PCH (buy signal) / Downward crossover of M_PCH (sell signal);
- Upward crossover of MH_PCH (buy signal) / Downward crossover of ML_PCH (sell signal);
- Upward crossover of H_PCH (buy signal) / Downward crossover of L_PCH (sell signal);
Indicator Parameters:
| Parameter | Value |
|---|---|
| Period | 15 |
| ML/MH_PCH signals | true |
| M_PCH signals | true |
| MH/ML_PCH signals | true |
| H/L_PCH signals | true |
| Take Profit MLMH | 100 |
| Take Profit M | 100 |
| Take Profit MHML | 100 |
| Take Profit HL | 100 |
| Stop Profit MLMH | 50 |
| Stop Profit M | 50 |
| Stop Profit MHML | 50 |
| Stop Profit HL | 50 |
The indicator below showcases one condition with enabled Stop Loss (bars) and Take Profit (squares) levels:
This indicator is part of the TRADING WAY expert system, which is detailed in the "Limitless Opportunities with MetaTrader 5 and MQL5" article (available in Russian). You can find the TRADING WAY Expert Advisor and its demo version in the Market.
Additional Info:
The indicator logo (logoMultiSignals_PCH_64x64.ico) is included in the attached archive logomultisignals_pch_64x64.zip. Make sure to place this file in \MetaTrader 5 data folder\MQL5\Images.
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