Shi Channel True (NB-Channel)
Info
The Shi Channel True (NB-Channel) is a Indicator for MetaTrader 5 that shi channel true automatically displays dynamic moving channels on a chart. The indicator identifies the nearest historical fractal, locates a second fractal, 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 Shi 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
Shi Channel True automatically displays 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: Mediana Trendline: MTF Parallel Channel Indicator - another powerful indicator for MetaTrader 5 traders.
Shi Channel True automatically displays dynamic moving channels on a chart.Also recommended: Channel Sun Signals Indicator - similar indicator with strong performance on MetaTrader 5.
The indicator identifies the nearest historical fractal, locates a second fractal, and draws a line between them. A parallel line is then drawn on the opposite side along the maximum fractal, with a middle line positioned between these two.
Parameters:
- barsforfract(0): This parameter defines the length of the fractal 'shoulder'. A standard fractal comprises 5 bars: an extreme point flanked by two bars on each side (leverage of 2). This leverage can be increased for greater influence. If set to 0, the leverage is automatically determined by the chart's timeframe.
The indicator is compatible with all currency pairs and timeframes starting from M1.
This indicator includes two variants. The NB_Shi_Channel_True variant additionally places three lines forming the channel into the indicator buffers, allowing Expert Advisors to access this data.
This indicator was initially developed in MQL4 and published in 2026.
You may also like: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - excellent alternative for indicator users on MetaTrader 5.
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 4
#property indicator_type1 draw_arrow
#property indicator_color1 magenta
#property indicator_style1 style_solid
#property indicator_width1 1.......
⚠ 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.