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ChannelPattern Script Update — One-Sided Breakouts

June 5, 2014 (Last updated on July 5, 2014) by Andriy Moraru

The new version of the ChannelPattern script can now draw Entry/TP levels as trendlines on a chosen side of the Border channel. By default, it will act as before — draw two channels (Entry and Take-Profit) around the given Border channel. If new the input parameter Sides is set to Upper or Lower instead of Both, the script will draw trendlines on a selected side only. This may help when you expect breakout from that particular side.

Here is a full list of new input parameters:

  • Sides (default = Both) — if set to Both, draws channels on both sides of the given channel; if set to Upper, draws trendlines for bullish breakout; if set to Lower, draws trendlines for bearish breakout.
  • UpperEntry (default = “UpperEntry”) — name for the trendlines object acting as Upper Entry level.
  • UpperTP (default = “UpperTP”) — name for the trendlines object acting as Upper TP level.
  • LowerEntry (default = “LowEntry”) — name for the trendlines object acting as Lower Entry level.
  • LowerTP (default = “LowerTP”) — name for the trendlines object acting as Lower TP level.

Additionally, the MT5 version of the script has got a major bug fix. Previously, the script would calculate the height of the channel incorrectly if one of its lines was shifted horizontally. Now, the updated version addresses this case and calculates everything correctly.

ChannelPattern Script - Example on MT5 Chart

Downloads:

ChannelPattern script was developed by me to be used in combination with ChartPatternHelper EA.

PS: Do not forget to set the name of your Border channel object according to the input parameters of the script if you decide to use it.

Update 2014-06-07: Fixed a bug in MT4 version that would make script work incorrectly on weekly timeframe on some occasions.

Update 2014-07-05: The script can now work with borders drawn using trendlines or horizontal lines. It is trader’s responsibility to make sure that the lines are parallel, otherwise resulting channels will not be very useful.

If you want to report a bug or make a suggestion for this channel markup script, please do so using the form below.

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