Keltner Channel Metatrader 5 forex Indicator

The Keltner Channel Metatrader 5 forex indicator is a standard technical tool created by Chester Keltner in 1960.

The indicator shares some similarity with the Bollinger Bands.

There are essentially three chart lines that are available on the keltner_channel MT5:

The middle line is a 10-day simple moving average by typical prices [(high + low + close) / 3].

The upper and lower lines are formed by adding and deducting the moving average of daily price range (difference between peak and trough) from the middle line.

The channel gets formed in line with volatility.

Three inputs parameter are paraded on the keltner_channel MT5 fx indicator;

  • MA_Period – defines the period moving average (middle line) set at a default value of 10
  • Mode_MA – defines the moving average (middle line) type
  • Price_Type – defines the price type for the moving average (middle line)

Free Download

Download the “keltner_channel.ex5” MT5 indicator

Example Chart

The GBP/USD H1  chart below displays the Keltner Channel Metatrader 5 forex indicator in action

Basic Trading Signals

Buy Signal: Go long when price trades along the upper outer red line of the keltner channel Metatrader 5 custom forex indicator.

Sell Signal: Go short when price trades along the lower outer red line of the keltner_channel Metatrader 5 custom forex indicator.

Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price closes below the lower outer line of the keltner_channel MT5 forex indicator.

Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price closes above the upper outer line of the keltner_channel MT5 forex indicator.

Download

Download the “keltner_channel.ex5” Metatrader 5 indicator

MT5 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 5

Type: chart pattern indicator

Customization options: Variable (MA_Period, Mode_MA, Price_Type), Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: trend | volatility

Installation

Copy and paste the keltner_channel.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL5 > Indicators (paste here)

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