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Keltner Channel indicator for MT5​

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The Kelter Channel indicator is a classic technical indicator which was developed by Chester Keltner in 1960. It may look similar to another indicator: Bollinger Bands.

The indicator uses three chart lines: 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 subtracting the moving average of daily price range (difference between maximum and minimum) from the middle line. So it forms a channel which is based on volatility.

Input Parameters:

• MA_Period (by default = 10) means the period of moving average (middle line).
• Mode_MA (by default = MODE_SMA) means the type of moving average (middle line).
• Price_Type (by default = PRICE_TYPICAL) means the price type for moving average (middle line).

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The classical strategy for this indicator is to open a buy order if the price closes above the upper band and open a sell order if it closes below the lower band. It seems to be a rather viable entry system and the exits can be based on a very conservative SL, a rather good TP and a cross with the middle line.

​You can download the indicator here

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