Hey traders! Today, I’m excited to introduce you to a super straightforward tool that can enhance your trading strategy: the Constant Range Channel indicator for MetaTrader 4.
This nifty indicator plots a channel that maintains a constant range, specifically set at twice the step-size parameter. It's a simple yet effective way to visualize price movements and identify potential breakout opportunities.
So, how does it work? The channel is considered broken when the low quote price exceeds the upper level, or when the high quote price dips below the lower level of the channel. This can signal potential reversals or continuation patterns that could be crucial for your trading decisions.
For those of you who love to dive into coding, you'll be pleased to know that the code is compatible with both MQL4 and MQL5 due to its conditional compilation.
And here’s a little tip: all my source code publications are now accessible under the “Public Projects” tab in MetaEditor, listed as “FMIC.” So, feel free to check it out and get experimenting!
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