Lopez Channel 2.0
Metatrader Indicator (MT4/MT5)
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.
When loading the expert 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 to calculate the bands from
- Indicator Period
- Amount of bars to look back to calculate the channel
- Does the indicator repaint?
- No, it does not repaint.
- How is the indicator calculated?
- The indicator is calculated using a three
- Does the indicator implement alerts?
- No, it does not.