SH I Channel true (NB-channel)
Info
The SH I Channel true (NB-channel) is a Indicator for MetaTrader 5 that shurka & kevinshi_channel_true automatically shows barishpolts dynamic moving channels on a chart. The main idea is that the indicator finds the nearest fractal in history, looks for the second one and draws a line between them.
Usage
This tool is typically used for enhancing chart analysis and decision making.
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 SH I Channel true (NB-channel)
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
Shurka & KevinSHI_Channel_true automatically shows Barishpolts dynamic moving channels on a chart.
Typical Use Case
This Indicator excels in automated trading and technical analysis 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: Price Channel Indicator - another powerful indicator for MetaTrader 5 traders.
Shurka & Kevin
SHI_Channel_true automatically shows Barishpolts dynamic moving channels on a chart.
Also recommended: Institutional Kalman Filter (Dynamic True Price Estimator) - similar indicator with strong performance on MetaTrader 5.
The main idea is that the indicator finds the nearest fractal in history, looks for the second one and draws a line between them. On the opposite side the parallel line is drawn along the maximum fractal. The middle line is drawn between these two ones.Parameters (default parameter value is shown in brackets):BarsForFract(0) - a fractal "shoulder" length.
A standard fractal consists of 5 bars: extreme point and two bars (leverage is equal to 2) on each side. The leverage can be increased for more impact. In case the parameter is equal to 0, the leverage size depends on a chart's time frame and is set by the program automatically.
The indicator works with all currency pairs and time frames beginning from М1. The indicator has two variants. In NB_SHI_Channel_true three lines that form a channel are additionally placed in the indicator buffers for possible access to this data for the Expert Advisors.
This indicator was first implemented in MQL4 and published in 13.10.2006.
You may also like: Keltner Channel + Breakout Signal - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.