Indicator enLight Channel Draw: Finding Price Channels

enLight Channel Draw MT4 indicator

Forex indicator enLight Channel Draw is a channel indicator that uses V. Barishpolts’ “sliding channels” algorithm.

The indicator enLight Channel Draw accurately determines the channels on the chart. In fact, the channel detection technology is identical to the system described by V. Barishpolts in his “Sliding Channels” system.

The indicator draws the lines of the current channel. However, if you want to draw channel lines manually, then turn off the indicator and draw channel lines using the horizontal and trend line drawing tools.

enLight Channel Draw indicator parameters

  • Colour=Blue:  the color used to draw the channel lines.
  • ColourTrue=LawnGreen: color used to draw channel lines when the channel is wide enough for trading.
  • ColourFalse=Red:  the color used to draw the channel lines when the channel width is insufficient for trading.
  • ClearPole=false: whether it is necessary to clear the chart from symbols for working with orders introduced by MetaTrader in builds starting from 196.
  • BarsForFract=0: number of bars to form a fractal shoulder. If this parameter is equal to 0, then the indicator chooses the appropriate leverage for the given timeframe. The classical fractal by Bill Williams has a shoulder length of 2.
  • SleepBars=2: the number of bars during which the channel breakdown and the formation of a new fractal does not lead to channel redrawing and, as a result, to opening positions in an active market.

The advantage of the enLight Channel Draw indicator is a significant simplification of working with price charts of currency pairs through a wide range of settings.

Features of enLight Channel Draw MT4 indicator

  • Platform: Metatrader 4
  • Ability to change settings: Yes
  • Timeframe: any from 1 Minute to Daily
  • Currency pairs: any

In file you will find:

  • enLight_Channel_Draw_2_01.ex4

Download enLight Channel Draw MT4 indicator for free: