Forex Indicator enLight Channel Draw 2.01 settings:
Beginners and already experienced traders, noticed that the price on the chart moves strictly through the channels. But it is not always possible to determine the exact direction of the channel and it often happens that the price does not reach several points before the closing of the transaction comes back and closes the open order on the stop. We suggest using the channel indicators, which will show with 100% accuracy the beginning and the end of the currency movement in the channel corridor, which in turn will give you the opportunity to take profit point in point. The channel indicators work indiscriminately on any chart and for any currency, including the entire list of tools that are in the MT4 terminal.
ChannelDraw Indicator Parameters
- Color = Blue – The color by which the channel lines are plotted on the graph
- BarsForFract = 0 – The number of bars to form the fractal shoulder. If this parameter is 0, then the indicator itself selects the appropriate shoulder length for the given timeframe. The classical fractal of Bill Williams has a shoulder length equal to 2.
- SleepBars = 2 – The number of bars during which the breakdown of the channel and the formation of a new fractal does not lead to the redrawing of the channel and as a consequence to the opening of positions in the active market.