SH I Channel true (NB-channel)
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
Shurka & Kevin
SHI_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. 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.
