The enLight_LRChannel_Draw Forex indicator accurately identifies channels on the chart. The channel detection technology is identical to the system described by V. Barishpolts in his ‘Moving Channels’ system.
How the enLight_LRChannel_Draw Forex Indicator Works
The channel is drawn in the color Colour if the MinChannelWidth parameter in the expert is set to zero or if the expert is not installed on the chart. The channel is drawn in the color ColourTrue if the MinChannelWidth parameter allows trading at that channel width. Otherwise, it is drawn in the color ColourFalse.
The indicator draws the lines of the current channel. However, if you want to manually draw the channel lines, disable the indicator and use the drawing tools for horizontal and trend lines to create the channel lines.
Parameters of the enLight_Channel_Draw Indicator
- Colour=Blue: the color used to draw channel lines when the expert is not present or when the MinChannelWidth parameter is set to 0.
- ColourTrue=LawnGreen: the color used to draw channel lines when the channel width is sufficient for trading.
- ColourFalse=Red: the color used to draw channel lines when the channel width is insufficient for trading.
- ClearPole=false: whether to clear the chart from MetaTrader’s order symbols in builds starting from 196.
- BarsForFract=0: the number of bars used to form a fractal. If this parameter is 0, the indicator automatically selects an appropriate length for the given time frame. A classic Bill Williams fractal has a length of 2.
- SleepBars=2: the number of bars during which a channel break and new fractal formation do not cause the channel to be redrawn, thus avoiding position openings on an active market.
Parameters of the enLight_LRChannel_Draw Indicator
- Colour=Blue: the color used to draw channel lines when the expert is not present or when the MinChannelWidth parameter is set to 0.
- ColourTrue=LawnGreen: the color used to draw channel lines when the channel width is sufficient for trading.
- ColourFalse=Red: the color used to draw channel lines when the channel width is insufficient for trading.
- ClearPole=false: whether to clear the chart from MetaTrader’s order symbols in builds starting from 196.
- StartBar=29: the bar number from which linear regression channel calculation begins.
- EndBar=5: the bar number at which linear regression channel calculation ends. In reality, the bars between StartBar and EndBar are used in the channel calculation. The order of values does not matter.
- PrevPer=false: if true, StartBar and EndBar are calculated automatically and do not need to be set. They are calculated based on the start and end of the previous period. For minute and five-minute timeframes, the previous hour is considered; for H4, the previous day; for others, the previous week.
- AppPrice=0: the price used to calculate the linear regression channel. 0 – Close price, 1 – Open price, 2 – High price, 3 – Low price, 4 – Average price (high + low)/2, 5 – Typical price (high + low + close)/3, and 6 – Weighted close price (high + low + close + close)/4.
According to experts from ForTraders.org, the advantage of the enLight_LRChannel_Draw Forex indicator is the significant simplification of working with price charts of currency pairs through a wide range of settings.
The disadvantage is the same wide range of settings, which can create additional complexity when using the indicator.
Download the channel-based Forex indicator
Similar Forex Indicators
- Channels — Adaptive Channels for MT4
- Channel Indicator NB-channel
- All_channel — Automatic Construction of Linear Regression Channels
FAQ
What is the enLight_LRChannel_Draw indicator?
The enLight_LRChannel_Draw is a Forex indicator that identifies channels on the chart using a system similar to Barishpolts’ moving channels.
How does the enLight_LRChannel_Draw work?
The indicator draws channels in different colors depending on the width of the channel and whether it is suitable for trading.
What are the key parameters of the enLight_LRChannel_Draw?
Key parameters include the colors for different channel conditions, the number of bars for fractal formation, and the price type used for channel calculation.
