Keltner channels for MT4, described by Chester W. takes a very similar approach as the popular Bollinger Bands indicator.
It is composed of 3 moving averages, the middle line and two lines below and above the middle line moving average.
BULLISH: Keltner channels slope UP
BEARISH: Keltner channels slope DOWN
Configurable Indicator Options
TimeFrame, Length, MA_Type, Shift, Price, TimesATR
GBP/USD Daily Chart Example
How to install the Keltner Channels custom indicator in Metatrader 4?
- Download the Keltner Channels.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.