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EASY TREND and CHANNEL INDICATOR 2
Version 1
The Easy Read Trend and Channel Indicator calculates the average highs and the average Lows of the bars in order to identify the channel as well as an average of the middle point of the channel to identify the current direction signified by either a cyan line for upward movement or a redline for downward movement. There are several ways to use a channel indicator such as this to trade the markets. In a sideways market it's possible to use the channel in the same way one would use an oscillator buying at or near the bottom line of the channel and selling at or near the top line of the channel while in a trending market one could use the average line for not only direction indication but to move a stop loss order behind that line. These are just a couple of The many ways One can interpret the indicator to benefit in their Trading. -INPUTS: -TrendChanLength = The Length (Periods) that the indicator uses to calculate the averages. -ChanWidth = Calculates the "width" of the channel betw...




The Easy Read Trend and Channel Indicator calculates the average highs and the average Lows of the bars in order to identify the channel as well as an average of the middle point of the channel to identify the current direction signified by either a cyan line for upward movement or a redline for downward movement.
There are several ways to use a channel indicator such as this to trade the markets. In a sideways market it's possible to use the channel in the same way one would use an oscillator buying at or near the bottom line of the channel and selling at or near the top line of the channel while in a trending market one could use the average line for not only direction indication but to move a stop loss order behind that line. These are just a couple of The many ways One can interpret the indicator to benefit in their Trading.
-INPUTS:
-TrendChanLength = The Length (Periods) that the indicator uses to calculate the averages.
-ChanWidth = Calculates the "width" of the channel between the UpperChannel and LowerChannel. Use and experiment with different numbers between .3 and 1.2 to set the channel to your personal liking.
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Requirements
Tradestation 9.5 (Update 16)
Asset Type
Stock, Future, Forex, Option
Style
Intraday
Methodology
Trend
Analysis Techniques
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