Explore the latest free tools from the MQL5 community. Here's a new indicator, expert advisor, or script for MetaTrader.
The indicator shows the position of the current price in a channel.
First it determines the channel boundaries. The upper boundary is defined as the maximal value of High[], the lower boundary is determined from the minimal values of Low[]. If the current value of Close[0] is located in the middle of the channel, its value is equal to 0. The price position is determined relative to the upper (from 0 to 10) and lower (from 0 to -10) channel boundaries.
Input parameters:
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- Period - number of bars, used in calculation of the channel.
- X Coordinate - the horizontal shift relative to the lower right corner.
- Y Coordinate - the vertical shift relative to the lower right corner.
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