G channel with MTF + Coloring on Slope change & Optimized codehonje19960321 wrote: Sun Oct 09, 2022 11:46 pm I made a small modification. I think the default 60 days value is more suitable. and modified colors
G channel is a channel indicator with 3 lines- a middle line representing a central tendency and 2 Upper and Lower boundaries calculated based on the past values of same indicator. Its based on the paper "Recursive Bands - A New Indicator For Technical Analysis" by Alex Grover and is a code conversion from TradingView. The channel breakout of Upper or Lower boundaries represent a new trend or trend continuation while narrowing of bands represents ranging or low volatility conditions. The channel can prove to be a good indicator of a trend direction and also a guide for trailing of stop loss. It has only 2 variables. Channel period - default set to 100. Price type.
Was stuck on getting this version to display but Thanks to Centaur and his mt5 version was able to make a hopefully lighter version, with the center average coloring on slope.
