mladen wrote:
Lucmat

That is a simple high low channel of average -a lot of metatrader 4 versions for that already exist

Hi mladen,
as you could see from the attached example, the indicator doesn't draw a channel but a sort of stochastic, one for overbought and one for oversold (are there other indicators with this concept?).
I post again the formula: it's very simple, may you build it please?
price  - its moving average of x period = a
a - min(x period of a)
a - max(x period of a) 

Hope it is clear.
Thanks for your help

Lucmat