AutoChannels is an MT4 trend channel indicator. It detects the channels with the moving price and automatically displays them on the chart.
The channel consists of two parallel lines between which the price moves. These lines acts as a support and resistance levels when interacting with the price.
The indicator displays the current channels both at short termn (M1-M30) and at long term (H1-MN) timeframes.
The indicator can change the channel angle in case of new extremums.
The optimal timeframes for trading are M15-H4.
Indicator settings have several basic parameters:
Minimum history for channel formation (bars) – sets the minimum history depth in bars required for a channel formation.
Channel formation algorithm – how accurately price extremes will be taken into account.
The display of the channels – parameters for displaying line thickness.
Drawing channels on the chart – the filtering of channels for timeframes:
- The Adaptive display algorithm mode is designed to minimize unnecessary information on the price chart. To achieve this, the algorithm displays only those channels that are relevant in each timeframe. For instance, H1 will display channels M30, H1, and higher, while channels M1 and M5 won’t be visible as they are irrelevant. If you switch the chart to M5, you will see both M1 and H1 channels.
- The All Channels will display all the channels found for a given currency pair regardless of the selected timeframe.
Channel colors are automatic, depending on the background color of your chart.