Price Channel indicators

Price Channel indicators. But I think that it is trading systems.

One of variation of Brainwashing EA is using these indicators.

PriceChannel_Stop_v6.mq4 from Igorad. He posted it few weeks ago but I recognize it now only that it is really great indicator.

Please find the description.

And PChannel_m 3.mq4 from Roman and Profi_R. Set the parameters as the following:

  • Range=1;

  • use more higher Timeframe. If I am trading on H1 I will use Timeframe D1 (Timeframe=1440) or W1 (Timeframe=10080).

I use PChannel_m 3 together with Braintrading system: I change Range to 1 (default is 6) and Timeframe = 1440 (D1, default). I attach this indicator with this settings to the H1 chart with brainTrading indicators. So, I have day channel for 1 day (Range=1) and I am not trading if this channel is very thin. Thus I have additional confirmation (on M15 as described on some other place and on D1).

It is H1 timeframe with

  • PriceChannel_Stop_v6 (ChannelPeriod=10; Risk=0; Signal=1; Line=1; ColorBar=1; TimeFrame=0; Nbars=1000) and

  • PChannel_m 3 (Range=1; Timeframe=1440).

TrendFinder Trading system

There is Fibonacci Trader. It is software. And it is TrendFinder Trading System in this software. This trading system came together with this sigtware so it was evaluated already and it was proved.

Thus there is TrendFinder Trading System for MT4 using Price Channel indicator.

D1 timeframe and indicator PChannel_m 3 (Range=1; Timeframe=10080).

So every box of this indicator is one week (because Range=1 and 10080 is week).

There are several rules:

  • there are two kind of trend only: up and down.

  • trend is reversing (or continue to go) to the up when any day bar within our week was closed with more higher value than maximum of previous week.

  • trend is reversing (or continue to go) to the down when any day bar within our week was closed with more lower value than minimum of previous week.

And they colored the bars and used Ergodic indicator.

It isn’t big problem. Simply change in code following part:

// Signal area : any conditions to trend determination:

// 1. Price Channel breakout

if(Close[shift]>bsmax[shift+1]) trend=1;

if(Close[shift]<bsmin[shift+1]) trend=-1;

// Correction boards values with existing trend



if(Risk>0 && Close[shift]<bsmin[shift]) bsmin[shift]=bsmin[shift+1];

if(bsmin[shift]<bsmin[shift+1]) bsmin[shift]=bsmin[shift+1];




if(Risk>0 && Close[shift]>bsmax[shift]) bsmax[shift]=bsmax[shift+1];

if(bsmax[shift]>bsmax[shift+1]) bsmax[shift]=bsmax[shift+1];