Real authors:
Shurka & Kevin
The SHI_Channel_true indicator is a powerful tool that automatically displays dynamic moving channels, known as Barishpolts, on your trading chart.
At its core, this indicator identifies the nearest fractal in your historical data, finds a second one, and connects them with a line. On the opposite side, it draws a parallel line based on the maximum fractal. The middle line is then plotted between these two, giving you a clear visual representation of market dynamics.
Parameters (default values in brackets):
BarsForFract(0) - this sets the length of the fractal "shoulder".
A standard fractal includes 5 bars: one extreme point flanked by two bars (with a leverage of 2) on each side. You can increase this leverage for greater impact. If you set the parameter to 0, the leverage size will adjust automatically based on the time frame of your chart.
This indicator is versatile and works seamlessly with all currency pairs and time frames, starting from M1. There are two versions of this indicator: the NB_SHI_Channel_true, which includes three lines that form a channel, allowing for easy access to this data via your trading systems.
This indicator first made its debut in MQL4 and was published on CodeBase at mql4.com back on October 13, 2006.
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