The real author:
darmasdt
The market volatility indicator. It calculates stop loss and draws price channel. According to the instructions the red line shows where to place stop loss when opening a new order in this place.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 19.10.2007.Β Β
Fig.1 The channel_breakout_entry indicatorΒ