Lopez Channel 2.0

Metatrader Indicator (MT4/MT5)

  • Overview

    This multi-timeframe indicator identifies the market's tendency to trade within a narrow price band.

    • It is easy to understand
    • Finds overbought and oversold situations
    • Draws at bar opening and does not repaint
    • The calculation timeframe is customizable
    • The red line is the overbought price
    • The green line is the oversold price

    It has straightforward trading implications.

    • Look for buying opportunities when the market is oversold
    • Look for selling opportunities when the market is overbought

    The indicator is calculated using a three-day moving average of the last two true highs minus ATR to derive the lower channel and a three-day moving average of the last two true lows plus ATR to derive the lower channel.

  • Input parameters
    Input parameters

    When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.

    Timeframe
    Timeframe to calculate the bands from
    Indicator Period
    Amount of bars to look back to calculate the channel
  • ? FAQ
    Does the indicator repaint?
    No, it does not repaint.
    How is the indicator calculated?
    The indicator is calculated using a three-day moving average of the last two true highs minus ATR to derive the lower channel and a three-day moving average of the last two true lows plus ATR to derive the lower channel.
    Does the indicator implement alerts?
    No, it does not.
  • Comments

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Screenshots

Lopez Channel Indicator for Metatrader
Lopez Channel Indicator for Metatrader
Lopez Channel Indicator for Metatrader
Lopez Channel Indicator for Metatrader
Lopez Channel Indicator for Metatrader