Price Channel Trend Indicator
Info
The Price Channel Trend Indicator is a Indicator for MetaTrader 5 that a trend indicator based on the crossover of a pivot level and its median. The pivot level is calculated using the following formula:pl = (max + min + close) / 3Where:pl - pivot levelmax - maximum price over n barsmin - minimum price over n barsclose - closing priceThis forms the basis of the Price Channel Trend indicator.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Price Channel Trend Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
A trend indicator based on the crossover of a pivot level and its median.
Typical Use Case
This Indicator excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Candle Strength Analyzer MT5: Price Action and Wick Analysis - another powerful indicator for MetaTrader 5 traders.
A trend indicator based on the crossover of a pivot level and its median.Also recommended: Mediana Trendline: MTF Parallel Channel Indicator - similar indicator with strong performance on MetaTrader 5.
The pivot level is calculated using the following formula:
pl = (max + min + close) / 3
Where:
pl - pivot level
max - maximum price over n bars
min - minimum price over n bars
close - closing price
This forms the basis of the Price Channel Trend indicator.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_plots 3
#property indicator_label1 "trend"
#property indicator_type1 draw_filling
#property indicator_color1 clrred,clrblue
#property indicator_style1 style_solid.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.