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Classical Technical Indicator Based on Price and Volatility

February 8, 2011 by

Chester Keltner developed his own version of the “bands” indicator more than 50 years ago. Keltner Channel is an interesting and rather popular indicator, but, unfortunately, it’s not in the list of the standard MetaTrader indicators. I’ve found a basic implementation of the Keltner Channel for MT4 coded by some “Gilani” and used it to produce a better version — both for MT4 and for MT5. The resulting indicator can be customized in several ways and the error with the arrays out of range was fixed. The indicator is quite good in the short-term breakout trading. Here’s the list of its features:

  • You can modify MA’s period, mode and price type (more comfortably in MT5 version).
  • Indicates a combination of volatility and trend parameters.
  • Detailed description inside the indicator.
  • No ineffective recalculation of the previous bars.

You can get the code of the MT5 and MT4 versions or read more info about this classical technical indicator.

If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please, use the commentary form below.

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